Corporate Cultural AffairsReport 2002

A Passion to PerformA Letter to our Readers

We are committed to working on behalf of the communities in which welive and work with the same passion with which we endeavor to achieveonly the best on behalf of our clients. We have a vision for this commit-ment, one we share with many people and which can be summed up in two words, namely “sustainability” and “diversity”. As outlined in ourSustainability Guidelines, we believe that sustainability means to focus allactivities so that, in the final analysis, we create stable social and eco-nomic conditions and a healthy environment for future generations. Forthe Bank, this means that entrepreneurial responsibility must meet notonly economic but also social and ecological standards. Sustainability isalso the leitmotif behind many of our projects and the funding we pro-vide, whether it is in the social domain, as part of our “helping people helpthemselves”, or in the fields of the environment and education. Thefocus is always on creating an integrated approach that considerseconomic, social and ecological factors equally. Sustainability also callsfor the greatest possible support for the talents of tomorrow. Thereforesponsoring new talent, assisting start-ups and fostering socially disadvan-taged young people are part of our social commitment.

Diversity, the second core concept in our vision, is directly linked to ourexperience as an international financial services provider. International cor-porations are not only the engines driving globalization forward but alsothe testing ground for seeing whether the resulting challenges can bemastered successfully. We firmly believe that the cultural diversity of ourstaff, their individuality, their different backgrounds and experiences arekey company assets. Cultural diversity is an important resource in creatinga strong identity in an increasingly networked world. Our objective is not aone-culture bank but a one-bank culture, an identity instilled with the teamspirit that overcomes all boundaries. It is a professional identity wherediversity considerably expands the ability to solve complex problems.

Just as we are convinced that diversity within the company is a primeasset, as a corporate citizen we are also committed to consistent andconstructive support for cultural diversity in society. In line with the ideaof learning from cultures, many of the projects presented in this Reportshow how boundaries were overcome and horizons expanded. Be italong the sometimes difficult interface between different cultural andsocial milieus, or on the dividing line between school and business, be-tween adolescence and adulthood, the focus is repeatedly on sparkingcreativity from tension, on using the meeting of different cultures to setpositive trends in motion. The same is true of our commitment to culture.Our opinion is that the applied arts and music form universal means ofcommunication, the language of artists and musicians being understoodaround the world. They are the ones who build the bridges that bring peo-ple together, that enable us to appreciate foreign cultures and that at thesame time help us to experience ourselves anew.

1

Our identityA clear mission

Deutsche Bank aspires to be a leading global provider of integratedfinancial solutions for demanding clients and the pre-eminent bank inGermany generating exceptional value for its shareholders and people.

Customer focus. We place customers at the center of our activities andthey drive all that we do.

Teamwork. We benefit from the diversity of our people and our businessby working together to achieve success.

Innovation. We are constantly challenging conventional wisdom anddeveloping new solutions to meet customer requirements.

Performance. We are committed to a result oriented culture.

Trust. We behave reliably, fairly and honestly.

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Society and Social Affairs

4 Projects and Grants6 A Water Pump for Ranno Devi8 Of Magicians and Amateur Journalists

12 Facts and Figures

14 Projects and Grants16 Zukunft@BPhil18 Crossing Borders and Supporting Young Talent22 Facts and Figures

Deutsche Bank

Further Information

Arts and Culture

24 Projects and Grants26 Deutsche Bank During the Third Reich 28 Research, Education and International Dialogue30 Facts and Figures

Science, History and Social Politics

32 Projects and Grants34 Sipho Gumede Has a Dream36 Sustainable Growth and Global Action38 Facts and Figures

60 Content62 Deutsche Bank Foundations and Programs76 Supplementary Information

Environment and Sustainability

40 Projects and Grants42 By Canoe from Berlin to Athens44 On Fair Play, Handicaps and Pirouettes

Sports

46 Global Companies – Global ResponsibilityAn Essay by Carly Fiorina

48 Sustainability as a Comprehensive MissionA Company Overview

52 Human Resources58 Corporate Cultural Affairs

The Bank’s activities as a corporate citizen are not primarily a matter ofmoney. After all, many Bank staff members volunteer for these projectsand we gladly support their dedication. Many of the programs developedby our Foundations rely on the Bank’s expertise in numerous ways. Ouractivities are not a sideline we pursue only in a strong economy. Last yearsaw both Deutsche Bank and the business world as a whole experiencingvery tough challenges, whereby our strategic approach of concentratingon our core operations meant that our staff faced great sacrifices. Yet wenevertheless resolved to press ahead in meeting our responsibilities tosociety without substantial cutbacks. We feel especially committed to thiscause in times of emergency when people are in great need whether inNew York following 9-11 or in Eastern Germany after the terrible flooding.

Our actions as a corporate citizen also feed back into life at the Bank. Fewthings are as strong a motivation as the knowledge that together withcolleagues you have actually achieved something with a neighborhoodproject. Alongside the recognition this brings for the individual staffmembers and the corporate citizen, this also offers the Bank valuableinsights into less familiar areas. As a corporation it enters into dialoguewith people and organizations with whom it has little or no contact whenconducting business. This gives us a keener eye for developments that will,in the long term, influence our entrepreneurial success.

Josef Ackermann Tessen von HeydebreckSpokesman of the Board Member of the Board of Managing Directors and of Managing Directors and Chairman of the Group Member of the GroupExecutive Committee Executive Committee

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Society and Social Affairs

■ Projects and Grants

■ Microcredit Development Fund

■ Initiative Plus

■ Community Development

■ Banking on Shadwell

■ Community and Individual Development Association (CIDA)

■ Lim’uvune Entrepreneurial Assistance Programme (LEAP)

■ Youth-School-Industry

■ School is cool

■ “Active Solidarity”

Society and Social Affairs

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the DBMDF helps in establishing a relationship between microfinanceinstitutions and local banks – a fundamental source of capital.

In 2002, the Deutsche Bank Microcredit Development Fund acted all over the world, from Albania to Zimbabwe, collaborating with approx. 30nonprofit organizations that possess the necessary expertise and inde-pendence. At the Indian CFTS, an average loan of US $ 62 is enough tostart a business. Like many other NGOs, the CFTS usually loans moneyto women. In 2002, the CFTS had about 14,000 female borrowers on itsbooks. Asad Mahmood, general manager of the DBMDF, recollects: “Historyshows that women have proven to be more responsible than men and theyare more family-oriented.” Perhaps most surprising of all is the fact thatthe payback rate on the loans is exceptionally high. Only 2 % of the loanshave to be written off, and about 2.5 % are overdue. Asad Mahmood has aplausible explanation for the trustworthiness of borrowers in the poorestcountries, as “microcredit is probably the first and last chance suchpeople will ever have to borrow money. It is a once-in-a-lifetime chance tochange the destiny of an entire family.”

In many places, it is precisely these loans to microenterprises and emergingentrepreneurs that created the crucial foundations for a functioning localeconomy, in turn the launch-pad for a nation’s econ-omy. Moreover, the microcredit meets the principle ofsustainability in three ways. By encouraging proactiveborrowers, they induce economic growth, stabilizesociety as a whole, and also exercise a positiveinfluence on the environment. Gary Hattem, Pres-ident of the DBMDF suggests that “in developingcountries making loans available helps unleash animmense potential for new business start-ups, whichthen helps enhance personal and social mobility.”

As of December 31, 2002, the Deutsche Bank Micro-credit Development Fund, established in 1997, hascollected a grand total of US $ 2,541,058. The moneycame in equal parts from private donors, the DeutscheBank Americas Foundation, and from the DB Fund inGreat Britain and Germany. The DBMDF is just onehighly effective way in which companies can act ascorporate citizens and help combat poverty.

7

A Water Pump for Ranno DeviMicrocredit – Helping People Start out on the Road to Independence

It is often the small sums that are decisive in life, beit only US $ 100, US $ 300, or US $ 1,000. Which issurprising, since they are too small for banks to makeloans. For many people, though, US $ 100 is an ines-timable fortune – after all, three billion people live onless than two dollars a day. Worse still, if you don’thave anything, you can’t borrow anything. This is notonly true for Third and Fourth World countries, buteven of the highly developed industrial nations. So, asmall loan can completely change someone’s life – inHaiti, India or the United States.

This is where the principle of microcredit can play asignificant role. Ranno Devi, an Indian woman, wasable to buy a plot of land with a US $ 133 loan and asecond loan for US $ 200 meant she could purchasea water pump. Today, she and her husband farm theirown land and thanks to the water pump they have

significantly boosted their harvest. Microcredit has opened up similaropportunities throughout the world. Zaneida Gabe in the Philippines isan example: US $ 39 sufficed for her to give up her ‘job’ collecting trash-ed paper and instead start a business selling fish from her very ownpolystyrene icebox.

Leon Barber in the Bronx needed a few more dollars in order to get hisbusiness rolling. The 35-year old photographer had started his studio a few years earlier but ran his company from home. With the help of aUS $ 6,000 microcredit which he was granted in May, 2002 by ACCIONNew York he refurbished and modernized a store. “The loan runs for twoyears and I pay the normal interest. But nowhere else could I have gottensuch a loan, since I had no collateral to put up,” recalls Barber.

The principle of microcredit is as simple as it is logical. Instead of allocat-ing millions of dollars into state-run development projects, money isinstead loaned directly to ‘those less fortunate’.

‘Help people help themselves’ may sound old-fashioned, but the idea isas topical as ever. And it has led to quite exemplary results. When smalllocal banks and savings institutions are not able to absorb the risk ofdefault, however small the sums may be, that’s when the Deutsche BankMicrocredit Development Fund (DBMDF) enters the picture. It appeals to private investors and companies for donations, and then makes thismoney available to local MFIs for five years at the low interest rate of 2 %as a lever. Because for every dollar DBMDF makes available, the localinstitution must disburse two dollars in local currency. In this way, largeloan volumes can be set in motion with minimal investment. Additionally,

6

Finally, Ranno Devi’s children have thechance to attend a school

Deutsche Bank Microcredit Development Fund

Assets of the fund: US $ 2,541,058(Status as of Dec. 31, 2002)

President:Gary HattemGeneral Manager:Asad Mahmood

www.cib.db.com/community

Zaneida Gabe in a seminar on businessstart-ups

Society and Social Affairs

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Bank also supports projects thatpromote the arts, education andcross-cultural understanding. TheCommunity Development Groupprovides communities with safeand affordable housing, home-ownership opportunities, new busi-ness development, employmentand support services such as childcare and primary health care.

Thanks to the Deutsche Bank Americas Foundation’s support,schools in distressed neigh-borhoods are able to run academicenrichment programs for youngpeople after the school day.Environmental initiatives reclaimbrownfield areas and clean upillegal garbage dumps.

The Foundation’s focus is primarilyin New York City, but national initiat-ives and programs in other citieswhere business is generated andemployees are located are con-sidered as well (see also p.62). TheDeutsche Bank Community Devel-opment Group’s loan and invest-ment portfolio extends the impact ofthe Bank in distressed communities.

The Banking on Shadwell initi-ative, in London’s Shadwell district,

a social flashpoint in the East End,is a special type of CommunityDevelopment project. Employees ofthe nearby British head office ofDeutsche Bank have made it theirresponsibility to improve the socialand economic situation in this part

of the city – by direct involvementand dedication. For example,they helped Bengali women planta vegetable garden, helped cleanup a playground and redecorateand refurbish a club for senior cit-izens. Since the beginning of theproject, a total of 350 Bank staff(217 in 2002 alone) have partici-pated in the project. And for its efforts, the Deutsche Bank Citizen-ship UK 2002 was honored withthe renowned “Corporation ofLondon Dragon Award”. This was

not only special recognition ofthe staff’s efforts but also spurredthem on to greater things.

In South Africa, the Deutsche BankAfrica Foundation, established in2001, supports an educational

initiative run by the free universityCIDA (Community and IndividualDevelopment Association) in Johan-nesburg. The project is designedto assist people who are mostlyfrom rural areas where social discrimination still prevails. CIDAmakes it possible even for thepoorest students to study for fouryears and obtain a Bachelor ofBusiness Administration. Throughthis program, 1,600 young peoplefrom social backgrounds histor-ically deprived of privileges have

In real life, “Maltus the Magician”is called Norbert Keltermann andhe is an employee of DeutscheBank. In his free time, Keltermannis a volunteer magic teacher at aGerman school’s extracurricularclub. Although it is not his actualintention, he is also regarded as the Deutsche Bank goodwillambassador. He was one of a totalof 1,075 Deutsche Bank employeeswho took part in Deutsche Bank’sprogram “Initiative Plus” in theUS, Germany, Great Britain, LatinAmerica and Austria in 2002. The“volunteer league tables” wereled by Argentina where 81 % ofemployees participated in “Initi-ative Plus”.

Every year, the “Initiative Plus”program calls upon employees inthe entire world to volunteer withschools and nonprofit organiza-tions. The program supports theorganizations with which em-ployees volunteer by providing theorganization with a grant of ¤ 500or the equivalent in the particularlocal currency for each employeewho volunteers. This idea origin-ated in the United States and

England where there is a long-standing tradition of “matchinggifts”. Through the Matching Giftsprogram, the Bank “doubles” themonetary contribution made byan employee to the organizationof his or her choice. In 2002, theDeutsche Bank Americas Founda-tion made about US $ 4 million inmatching gift donations.

In 2002, “Initiative Plus” was basedon the theme “With an Open Mind:Tolerance and Diversity”. This waschosen by the Alfred HerrhausenSociety as the theme of the yearfor the entire Bank. Projects werepromoted relating to these topics:career development workshops forminority students, integration ofphysically-challenged athletes insports organizations and dialoguebetween members of different religious communities. DeutscheBank’s contribution was alwayscontingent on the personal andvoluntary participation of its em-ployees. The best example: in BuenosAires, Argentina, employees re-sponded to the country’s economiccrisis with a creative program tohelp address hunger in that nation.

One-hundred and five employeesfrom all areas of Deutsche BankArgentina worked with the Aso-ciacion Civil Insituto de CulturaSolidaria to devise the “Map ofHunger” project. Through the pro-ject, they supplied 15 communitycenters with volunteer support,food, clothing and educational ma-terials. As a result of the employees‘efforts, US $ 52,500 of “InitiativePlus” grant funding was directedto the community centers enablingthem to continue their work ad-dressing hunger and poverty.

While individual readiness to helpother people is needed in the “Initi-ative Plus” project, Deutsche Bank’scommitment to communities inthe Americas is grounded in along-standing tradition of socialresponsibility. In the United States,Latin America and Canada, theDeutsche Bank Americas Founda-tion and the Deutsche Bank Com-munity Development Group carryout the Bank’s corporate citizenshipcommitments through a strategicprogram of loans, investments, andphilanthropic grants targeted toassist distressed communities. The

9

Of Magicians and Amateur JournalistsFurther Projects and Grants

8

Community Development in Brooklyn: The new library of elementary school 184 (Brownsville)

Tsholo Diale, Head of Deutsche Bank Africa Foundation (2nd from left), with members of the Board of Trustees

Society and Social Affairs

Carlos Canales teachingcomputer skills to studentsof Covenant House, NYC

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1110

now been running successfully forfive years and has received officialrecognition from the Ministry ofEducation.

The students researched and wrotearticles on business subjects for19 local and national newspapers– from the Sueddeutsche Zeitungto the Ostsee Zeitung. The students(and their teachers) came intocontact with the most diverseaspects of economics, collecting

experience as they went along.One result is that many studentsdevelop a firm interest in business,which helps support the founda-tion for a future career. In addi-tion, the teachers meet once a yearfor special workshops in whichrelevant topics from economicsand journalism are discussed. In2002, the project was extended toinclude Poland, the Czech Republicand Hungary for the first time.

The other side of the coin is theincreasing number of young peoplewho do not want to have anythingto do with school – the “schoolrefuseniks”. They are the subjectof a practical research project runin cooperation with the GermanAssociation for Public and Private

Welfare; the program was firstdrawn up in 2002 and is calledSchool is cool. In Berlin, Frank-furt and Freiburg as well as in the counties of Osnabrueck andSoemmerda, concepts are beingdeveloped and tested which willhopefully integrate young truantsback into school programs. In addition to the typical instruction,groups of ten students participatein “learning and environment”.This is individually tailored to their

needs and is aimed to boost their motivation to learn while

also developing key skills. HelpingPeople to Help Themselves in out-of-the-ordinary situations was fromthe very beginning one of the leit-motifs of the “Deutsche BankFoundation Alfred Herrhausen Help-ing People to Help Themselves” –the full name of this socially-mindedBank foundation. And there was no question that major assist-ance was needed quickly andwithout any red tape when itcame to helping the victims of the disastrous flood in EasternGermany in August, 2002. The Bankimmediately donated ¤ 5 million.An additional ¤1.6 million camefrom an appeal for “Active Solid-arity” made by the Foundation.Support was concentrated on pro-jects of regional importance inareas with weak infrastructure.The first assistance came duringthe flooding in the form of 50motor-driven pumps, and 500 ofthe hardest-hit families immedi-ately received ¤ 5,000 each. Anotherhigh priority on the agenda wasgetting hospitals, kindergartens,schools and cultural facilities upand running again.

been able to obtain a universityeducation at almost no cost. Thestudents manage the campusthemselves, a welcome source ofpractical experience. The ideabehind CIDA is clear: the studentsare not treated simply as indi-viduals but as representatives of theirvillages. Once they have finishedtheir education, they are expectedto return to their communities andto enrich them with their know-ledge and experience. Because itis difficult for many of the approx-imately 350,000 South African uni-versity graduates to find a job, jobplacement and business start-upagendas such as LEAP (“Lim’uvuneEntrepreneurial Assistance Pro-gramme) form the core of the Deutsche Bank Africa Foundation’sactivities.

The ability to learn from otherswith an open mind and the willing-ness to accept different culturaltraditions are essential qualities forsuccessful business activity in anever more closely networked world.For many international corpora-tions, cultural diversity has longbeen an adopted practice and isconsidered to be an asset worthcareful nurturing. The DeutscheBank Americas Foundation to-gether with the Bank’s Global Di-versity Group partners to increase

minority talent in financial services.Through its longstanding relation-ship with Sponsors for EducationalOpportunity (SEO), a nonprofitorganization which provides aca-demic enrichment and career devel-opment programs for high achievingminority students, Deutsche Banksupports the “Career Program”,which enables students to explorecareers in Corporate America.The Bank employs undergraduatestudents as interns from the SEOprogram in the Global Equities,Global Markets and Corporate Fin-

ance divisions. The result: perma-nent job offers were made to manyof the qualified program interns forthe Bank’s 2003 Analyst Program.Moreover, in Mexico, students whobelong to minority groups are in-vited to a seminar in the Bank’sCorporate Finance Division in thecapital city. They are potentialemployees who can bring othervaluable viewpoints to the Bank,enhancing the workplace.

Through its Youth-School-Indus-try project, with the assistance of the German IZOP Institute inAachen, the Deutsche Bank Founda-tion Alfred Herrhausen is con-cerned with opening up unknownterritory and developing personalpotential. German students learnto enjoy business while becomingaccustomed to reading the news-paper. Teachers, newspaper ed-itors and Bank staff help the stu-dents understand the businesspages. This past school year,more than 2,000 students, 116teachers and 106 schools havetaken part in the project, which has

LEAP-business founders:Molaba and De-Bathe

Colin Brown, Deutsche Bank South Africa, giving career advice to high school graduates

A CIDA-student improvisinga bank trading desk as a computer workstation

Tessen von Heydebreck withsuccessful participants ofYouth-School-Industry in Berlin

Society and Social Affairs

Award-winning students Lnenickova and Zimkovafrom Trebic, Czech Republic

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12 13

Deutsche Bank Microcredit Development Fund (DBMDF) 2002 A typical DB Fund loan structure

Local Microfinance

Institution

$ 100,000

$ 100,000 on maturity

Local Banks

$ 100,000collateral

$ 200,000equivalent

in local currency

• Loan size US $ 100,000• 2 % annual interest rate• Quarterly interest payment in US $ • No amortization of principal• 5 year maturity

INITIATIVE PLUS: Supported Projectsby Region

Great Britain164

Austria9

Microcredit by RegionTotal of US $ 45 m. at year’s end 2002

Eastern Europe13 %

South America11%

Asia 37 %

Africa23 %

North America including the Caribbean16 %

INITIATIVE PLUS: Supported Projectsby Topics (Germany)

Microcredit – Global AveragesAverage loan size (in US $), number of clients per microfinance institute and portfolio at risk (>90 days past due)

Miscellaneous 13 %

Aid for the Flood in Eastern Germany:Grants by Recipients

Social and charitable institutions 45 %¤ 3.0 m.

Culturalinstitutions 23 % ¤ 1.5 m.

Facts and Figures Selected Background Information

DBMDF 2002 Leverage effect in US $

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

2,541,058

7,466,250

45,440,206

Capital of

DBMDF

Loanof

localbanks

∑ of micro-creditsmade

possible

DB Fund Micro-entrepreneurs

Local currency loans

Repayment

0

0

2

4

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

120,000

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

181

3 % 3 %

353

3,461

15,0269,821

1,108

779

291

18,640

123,156

Portfolio at Risk

Number of clientsAverage loan size in US $

Africa Asia Eastern Europe Latin America North Africa & Middle East

4 %

1%

5 %Private households 32 %¤ 2.1 m.

Germany400

North andSouth America502

Tolerance for ethnic minorities 9 %

InterculturalProjects 26 %

Aid for disadvantagedgirls and women 4 %

Tolerance and dialoguebetween religions 4 %

Integration of older people 8 %

Integration of physicallychallenged people 15 %

Aid for sociallydisadvantagedpeople 21%

Society and Social Affairs

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Arts and Culture

■ Projects and Grants

■ Zukunft@BPhil

■ Enriching Curriculum Learning

■ Employment in the Arts

■ Deutsche Bank “Pyramid Award“

■ Deutsche Bank Collection

■ Art at Work

■ Deutsche Guggenheim

■ A Vision for Music

■ Regional Cultural and Music Sponsoring

Arts and Culture

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17Arts and Culture

Zukunft@BPhilThe Berlin Philharmonic School Project

An improvised stage: bright spotlights project the silhouettes of four figures onto several screens simultaneously. Loud music booms out of aghetto blaster. Not rap or rock, but – Stravinsky’s “Le Sacre du printemps”.Does Hillson realize how talented he is? The shadow flitting across thewhite cotton screens to the rhythms of the music exudes grace and con-fidence. Hillson had already shown an interest in dance at an earlier age;the Angolan youngster with the cool headscarf once teamed up withfriends as choreographers for a pop song. This was a small undertaking,however, when compared with what he set in motion in the summer of2002 at the Lenau School he attends in Berlin’s Kreuzberg district.

What happened in between was that the Berlin Philharmonic Orchestra –or more precisely, Richard McNicol, flautist and music teacher, and artmanager Denise L. Mellion – approached Karola Klawuhn, Lenau’s head-mistress, and asked whether she and her students would like to participate in a Zukunft@BPhil project. The goal was to acquaint youngsterswith classical music. To fully appreciate the project’s implications, oneshould know that the Lenau School is in one of Berlin’s economically andsocially disadvantaged districts. In some classes, there is not a child withparents who are employed. Up to 70 percent of the families are on welfare.

Getting things off the ground proved to be the greatest hurdle. It tooksome persuading and cajoling before wary parents finally agreed to lettheir kids join the “Le Sacre du printemps” project. At the end of the day,all but one of the 64 pupils from the three 6th grades embarked on a six-week journey of discovery into the world of West European expressionistmusic and dance. Together with choreographer Royston Maldoom, students worked through “Le Sacre du printemps” passage by passage.It is amazing that these 11–13 year olds, who had had no previous ex-perience with classical music, worked on a piece that many professionalmusicians find daunting.

Royston Maldoom also familiarized the kids with the basics of moderndance. “At the beginning he gave them silence, had them stand withoutsound; it was about their presence,” recalls project manager Mellion. “He

16

Zukunft@BPhilBerlin Philharmonicschool project

Management and Pro-ject Planning:Richard McNicol Denise L. Mellion

www.berlin-philharmo-nic.com

showed the students how to concentrate, to focus on themselves, and tofind their core.” The performance of “Le Sacre du printemps” marked theconclusion of the project: On January 28, 2003, it premiered at the ArenaTreptow involving 239 students between the ages of eight and 22 acrossfour schools and two dance studios.

Yet Zukunft@BPhil was also multi-disciplinary. As part of a project week,students painted pictures inspired by “Le Sacre du printemps”. “Scarcelyhad the music begun” recalls teacher Birgit Herzog, “when Hillson startedto dance; he couldn’t help it.” His sudden movement prompted the ideaof projecting the dance onto a screen and literally “capturing” it in paint.Some of the Philharmonic musicians such as percussionist Gernot Schulzand horn player Sarah Willis have continued their involvement with thestudents as guest teachers in the classroom. They discuss their instru-ments with the sixth graders and introduce them to new rhythms andgenres. Moreover, as Karola Klawuhn explains, the music has influencedtheir development positively. “Children usually fight with each other andhave fierce rivalries at that age. Instead here they are, identifying them-selves as a group where everyone can do something and everybody issomething.”

Indeed, Zukunft@BPhil continues to grow. Some 40 Philharmonic musiciansare now ardent supporters of the program. They have teamed up with over1,000 children and youngsters from 26 different schools in Berlin and withsome 100 teachers on six educational projects.

Deutsche Bank’s support and commitment to the Berlin Philharmonic isnot just about “educating” future audiences. Zukunft@BPhil is a socialproject that creates opportunities for disadvantaged children to learn abouta cultural tradition, exposing them to new and foreign experiences. It is alsoa project that reinforces the partnership between the Berlin PhilharmonicOrchestra and its ‘home town’: “All Berlin residents should see the Philharmonic as their orchestra, as part of their city,” states Principal Conductor Sir Simon Rattle, who made it a condition of his contract withthe Philharmonic that this project receive the green light. “We also wantto help promote social integration in this city through Zukunft@BPhil.”Would it not be wonderful if, in later life, people like Hillson and his friendswere to think nothing of taking their kids along to a concert by “their”Philharmonic – as if it were the most natural thing in the world?

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ports twelve organizations in pro-viding minorities with internships,training and job promotion at artand cultural institutions. Forexample, Town Hall, a New YorkCity cultural organization, uses thegrant to manage a programgiving high school students fromless privileged communities theopportunity to obtain experienceon the technical side of running atheater. The high schools find thatstudent attendance rises, finalgrades are higher and the stu-dents have better job prospects –and not only in the arts.

Deutsche Bank Pyramid AwardsScheme in Great Britain supportsthose wishing to start a culturalbusiness. In 2002, ten graduatesof design, music, theater, dance,art, film, photography and fashionreceived prizes of £ 7,000 each.The sponsorship’s objective is notjust supporting leading artistic per-formances but is about supportinginnovation and entrepreneurial spirit.This is why the selected graduatesare also provided with a DeutscheBank “business mentor”. Studentsattend special workshops to learnthe business skills for setting up acompany. Students who receivedawards in 2002 included a studentwho established a successful fash-ion label and a theater and musicgroup from the Guildhall School ofMusic and Drama who impressedaudiences with their innovativeperformances.

Since the end of the 1970s, theBank has promoted young artistsby purchasing their art works for theDeutsche Bank Collection. Ini-tially, the Bank concentrated prima-rily on purchasing works on paperfrom Germany, Switzerland andAustria. The Collection now com-prises some 50,000 works by inter-national contemporary artists making

it the largest and most importantcorporate collection worldwide.

In keeping with its “Art at Work”concept, the Bank continues to fo-cus on cultural learning. The worksof art are not hidden away in a ware-house but are on display in cus-tomer areas and staff offices. Inother words, art comes to theviewer. It is a catalyst for commun-ication, interprets the present,lends a specific form to abstractideas and clearly portrays complexassociations. The potential that artoffers here steadily helps to createan exemplary corporate culture atthe Bank that both involves andbonds customers, staff and the pub-lic. Every year, for example, about

three-hundred guided tours are heldin the corridors of Deutsche Bank’shead office in Frankfurt. Moreover,individual works are regularly loanedto museums and arts societiesand the Bank collaborates in jointexhibitions. In 2002 the DeutscheBank Art Division (see p. 74) joinedforces with the St. PetersburgHermitage for the exhibition“Man in the Middle” – in whichall the works addressed artisticenquiries into human existenceand the individual. It was thefirst corporate exhibition in theHermitage. In addition, each yearsince 1980 a solo exhibition, fea-turing a different major artist in the Collection, has toured Bankbranches and museums worldwide.

Advancing young talent is theobjective of many of the art andcultural projects Deutsche Banksupports. There are two interactingideas here. First, many cultural tra-ditions cannot survive without ex-ternal support. Opera, theater, thefine arts – in other words, entiresegments of what we commonlycall “high culture” – will only survive

in the future if we actively encour-age younger generations to notonly appreciate but also to createart. When constrained governmentbudgets lead to a significant de-

crease in cultural support, the pri-vate-sector becomes increasinglyimportant. Second, “education” (andthat includes cultural education) isan engine driving economic growthin our current information society.Today’s youth are the employeesand potential supporters of tomor-row. Consider the following: man-agement consultants Ernst & Young

estimate British companies spend£ 10 billion a year providing theirtrainees with basic instruction –including cultural education thatmany never learned at school.

Deutsche Bank’s “Enriching Cur-riculum Learning” program inGreat Britain addresses bothissues. It effectively serves tosupplement the existing schoolcurriculum and familiarize stu-dents with areas outside theclassroom – from design throughtheater, from music to science.Participating in the program are32 London schools and severalfamous art and cultural institu-tions, including the London Phil-harmonic Orchestra, the NationalGallery, the Design Museum andthe Globe Theatre. Studentsattend workshops, receive com-plimentary tickets for the theater,get to look behind the scenes; inshort, find out what the institutionsand artists do. In the last threeyears, thousands of students haveparticipated, some 17,945 in 2002alone. At the same time, theprogram “Enriching CurriculumLearning” is having a positive influ-ence within the schools them-selves: teachers become involved inthe project, attend workshopsand, in tandem with partners,develop new teaching topics andmaterial on “cultural education”.For the first time, youngstersfrom the more socially disadvan-taged districts get exposure tosome of the most important cul-tural institutions in Britain.

Deutsche Bank Americas Founda-tion seeks to prove that “art” canhave a favorable impact on eco-nomic development through theArts and Enterprise: “Employ-ment in the Arts” Initiative,launched in New York in 2002.With the two-year budget of US $ 600,000, this initiative sup-

19Arts and Culture

Crossing Borders and Supporting Young TalentFurther Projects and Grants

18

Enriching Curriculum Learning: students in the London National Gallery. . .

... and teachers from participating schools in the Design Museum

“Man in theMiddle” on tour

From Passau toSt. Petersburg:

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21Arts and Culture20

each year attracting young peoplewho are interested in the inter-national art scene. The CulturalFoundation was also the mainsponsor of the show “Picasso etles femmes” in the Kunstsamm-lungen Chemnitz.

Alongside the visual arts, musicforms the second focus of DeutscheBank’s cultural sponsorship activ-ities. In addition to Zukunft@BPhil,there are a series of both largerand smaller projects. The mostimportant of these is the supportprovided over the last decade forthe Berlin Philharmonic Orches-tra. Under the motto “A Vision forMusic”, Deutsche Bank supportsconcerts both inside and outside

Germany but also finances specialprojects run by the orchestra con-ducted by Sir Simon Rattle.

The Bank also supports a highlydiverse, lively cultural scene. Incooperation with the branch offices,the Cultural Foundation acts asregional cultural sponsor, syste-matically promoting music. Projectsincluded the Passau EuropeanFestival, which took place for the50th time in 2002, the Branden-burg Summer Concerts, the Det-mold Summer Theater, and the“plateaux” festival for new formsof theater in Frankfurt’s Mouson-turm, which in three years after itwas first established, has receivedinternational recognition as a pro-

duction platform for young actorsand producers. Innovation definesthe support of the Ensemble Mod-ern, the reputable chamber or-chestra dedicated to contemporarymusic, and the “Safety Curtain”project, in which the iron safetycurtains of the Vienna State Operaand Komische Oper Berlin weretemporarily used to present art.

In keeping with the internationalstatus of the Bank’s Collection, Afro-American artist Kara Walker wasselected for 2002. Also on showfrom the Bank’s Collection in 2002were works by Hiroshi Sugimotoin Auckland, New Zealand; “A Cen-tury of Landscapes” in Cape Town,and “The Return of the Giants” withthe works of the German HeftigeMalerei movement from the 1970s/1980s in Monterrey, Mexico.

Thus, the Collection has a threefoldimpact: Young budding artists are

promoted; Bank staff, customersand visitors are encouraged to thinkabout various aspects of contem-porary art; and the art exhibitsfoster international cooperation andcultural exchange.

An example of this cooperation is the Deutsche Guggenheim inBerlin, Deutsche Bank’s joint ven-ture with the American SolomonR. Guggenheim Foundation. TheDeutsche Guggenheim hosts fourpremier exhibitions a year, the mostrecent exhibit including commis-

sioned works by Gerhard Richter,Bill Viola, Kara Walker silhouettecuttings and paintings by Edu-ardo Chillida/Antoni Tàpies andKasimir Malevich. Boasting 600,000visitors in five years, the DeutscheGuggenheim is Berlin’s most suc-cessful private museum.

In Frankfurt/Main, the Bank’s Cul-tural Foundation has supportedthe Portikus, the Staedel Acad-emy’s gallery, since it was first setup in 1987. Four to eight exhibi-tions of contemporary art are held

Two Spaniards in Berlin: Chillida and Tàpies in the Deutsche Guggenheim

The organ of St. Peter’s in Cologne following ex-tension and modernization

“Literalogue” – a Cultural Foundation project:Michael Degen reads Daniel Kehlmann

Art during the interval: The iron safety curtain at Komische Oper Berlin

“plateaux” presents: Barbara Weber in “Bonnie and Clyde”

Svenja Countess von Reichenbach (Deutsche Guggenheim) and Lisa Dennison (Solomon R. Guggenheim Foundation New York)

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Facts and Figures Selected Background Informationier steht eine Blindsubline.

22

The 2002 Deutsche Bank Citizenship UK “Pyramid Award” WinnersDeutsche Bank Art: Selected Exhibitions 2002

23Arts and Culture

Winners

Meg Sharland

Graham Hudson

Sylke Joa

Gereon Krebber

John Summers

Natascha Frensch

Verity Harding

Helen Murton

Sara Masters

Frank Leder

Anna Costanza

Poppy Ben-David

Katie Cuddon

Donna Barry

Kaz Robertson

Victoria Lord

Discipline

Contemporary Dance

Art

Design

Music and Drama

Fashion

Photography

Dance

Design and Craft

Design and Applied Art

Social Responsibility

Institution

London Contemporary

Dance School

Royal College of Art

Royal College of Art

Guildhall School of

Music and Drama

The London Institute

The London Institute

Central School of Ballet

Glasgow School of Art

Edinburgh College of Art

Guildhall School of Music

and Dance

Baden-Baden Festival Hall: Haendel’s Messiah

Brandenburg Summer Concerts: opening concert

European Festival Passau: closing concert

German State Opera Berlin: various projects 2002–3

Beethoven House Bonn: chamber music concerts 2002–3

Salzburg Festival: Young Directors Project

Music of the Centuries, Stuttgart: music theater project

Jewish Museum Berlin: concerts

Frankfurt Bach concerts: patronage

Rheingau Music Festival

Haendel Festival Halle

Music Festival Bremen: endowment for the Music Festival Prize

International Bach Academy Stuttgart: patronage

Saxon-Bohemian Music Festival

New Museum Nuremberg: 2002–3 concert program

Society of Friends of Bayreuth: patronage, 2003

Ruhr Piano Festival

German Musikleben Foundation: patron’s contribution

Limburg Concert Association: concert

Leipzig Bach Festival

Berlin Komische Oper: patronage

Koblenz Mendelssohn Festival: closing concert

Bielefeld Friends of the Theater and Concerts: evening of chamber music

Morsbroich Castle, Leverkusen: concert by the West German

Symphonic Orchestra

Madrigal Choir, Singen

Schweinfurt Late Summer Program: concert

Neubeuern Choir Society: patronage

Moscow Conservatory: concert commemorating the 175th

anniversary of the death of Beethoven

Mecklenburg-Vorpommern Festival

Vienna State Opera: production of “Der Riese von Steinfeld”

Exhibition titles

A Century of Landscapes

The Return of the Giants –

German Painting 1975 to 1985

Kara Walker

Man in the Middle

Artist couples – Art as Teamwork

Sugimoto: Portraits

Exhibition venues

National Gallery, Cape Town

Fondazione Mazzotta, Milan

Museo de Arte Contemporàneo, Monterrey

Museum of Modern Art Stiftung Ludwig,

Vienna

Neues Museum Weserburg, Bremen

Hermitage, St. Petersburg

HEC School of Management, Paris

Auckland Art Gallery, Auckland

Deutsche Guggenheim: Visitor trends

Year

1997*

1998

1999

2000

2001

2002

Visitors

35,274

87,074

101,646

106,741

135,840

134,091

Days open

52

261

286

290

290

298

Visitors per day

678

334

355

368

468

450

Visitors to Deutsche Bank’s Art Exhibitions by ContinentTotal of 126,707 visitors in 2002*

Deutsche Guggenheim: Exhibitions and Visitors 2002

Deutsche Bank Art: WebsiteHit rate 2000–2002

Cultural Foundation of Deutsche Bank: Regional Music Sponsorship 2002 (Selection)

* Excluding visitors to Deutsche Guggenheim* show started Oct. 01, ** show ended Jan. 03

* (11/12)

www.db-art.info

0

20,000

40,000

60,000

80,000

100,000

120,000

2000

18,512

2001

49,445

2002

109,631

Rachel Whiteread:“Transient Spaces”*

Bill Viola: “GoingForth by Day”

Kara Walker – Deutsche Bank Collection

Eduardo Chillida/Antoni Tàpies

Gerhard Richter:“Eight Gray”**

60,000

50,000

40,000

30,000

20,000

10,000

0

12 %

33 %

10 %

23 %22 %

Africa 7%

Australia 8 %

Asia 14 %

Europe 50 %

America 21%

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Science, History and Social Politics

Science, History and Social Politics

■ Projects and Grants

■ Deutsche Bank During the Third Reich

■ “With an Open Mind – Tolerance and Diversity”

■ “How Much Education do we Need?”

■ Stiftungsfonds Deutsche Bank

■ Institute for Family Businesses

■ European School of Management and Technology

■ Institute for European Studies, University of California

■ History of Deutsche Bank in North America

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on the Deutsche Bundesbank (1998), the Deutsche Bahn railway corporation(1999), the Allianz insurance corporation (2001), and the industrial and mediagiants BASF, Krupp and Bertelsmann (2002).

In 1997, the public debate on the history of Swiss banks during WorldWar II prompted Deutsche Bank to appoint an independent commissionof historians, which included Gerald D. Feldman (Berkeley), Lothar Gall(Frankfurt/Main), Harold James (Princeton), who had already been involvedin the Bank’s anniversary volume, as well as professors Avraham Barkai(Jerusalem) and Jonathan Steinberg (University of Pennsylvania). Thecommission concentrates exclusively on researching the history of DeutscheBank during the Third Reich.

Newly found documents gave an insight into areas of the Bank’s history previously unknown. In 1997, information was brought to lightthat contained details of the gold transactions between the Reichsbankand leading German merchant banks, including Deutsche Bank. Two yearslater, a report appeared authored by Jonathan Steinberg on “The DeutscheBank and its Gold Transactions during the Second World War” based onan evaluation of this new material. The most recent study of the role ofDeutsche Bank in “Aryanization”, compiled by Harold James in 2001,makes it abundantly clear how difficult it is to pass judgment on the Bankdue to its ambivalent role. On the one hand, the Bank assisted someJewish clients, who were forced by Nazi law to sell their companies, in finding a suitable buyer, enabling them to salvage at least part of the proceeds of a sale and transfer it abroad . On the other hand, the Bank didmake a profit receiving commissions for these deals.

With the formation of Deutsche Bank’s own Historical Archive in 1961, theHistorical Institute in 1996, and the appointment of the external commissionof historians one year later, Deutsche Bank has consciously adopted astrategy of critically researching its past through extensive scholarly andunconstrained studies. Moreover, the Bank played a major role in the creation of “Remembrance, Responsibility and the Future,” the Foundationrun jointly by the German business community and the German FederalGovernment, which provides compensation to slave laborers and othervictims of the Third Reich.

27Science, History and Social Politics

Deutsche Bank During the Third ReichA Focal Point of the Historical Institute's Research

Historical Institute of Deutsche Bank

Management:Manfred Pohl Angelika Raab-Reben-tisch

www.deutsche-bank.com/history

Historical Associationof Deutsche Bank

Board:Rolf-E. Breuer (Chairman)

Josef AckermannGerald D. FeldmanHeinz FischerDierk HartwigTessen von Heydebreck (Treasurer)

Manfred Pohl (Managing Director)

www.bankgeschichte.de

Zionist Oscar Wassermann was Spokesman of Deutsche Bank’s Board ofManaging Directors from 1923 to 1933. He was forced to resign from theBoard in the very early days of the Third Reich in a pre-emptive act ofobedience to the Nazis – the first step in a long journey of adaptation toconform to the Nazi regime. By the end of the Third Reich and World War II,Deutsche Bank was not only on the brink of collapse but had become atool in the hands of the Nazi state.

How should a German corporation address its role during the Third Reich?Does it try and suppress its history and close its eyes to the lessons of thepast or should it address the issues directly? Many years ago, DeutscheBank became one of the very first German blue chips to commissioncomprehensive and independent research into its own history.

In 2002, the history of the Bank during the Third Reich was again a focus ofscholarly research at Deutsche Bank’s Historical Institute. This extensiveresearch will be published in the summer of 2003 under the title “DeutscheBank during the Third Reich”.

In 1988, preparatory work began for the book “The Deutsche Bank1870–1995”, published for the Bank’s 125th anniversary. The researchscholars were provided with complete and unreserved access to the Bank’sarchive. For the first time, the role of Deutsche Bank during the Third Reichwas subjected to close and unbiased scrutiny, whereby the authors weresolely responsible for the contents of their articles, since the Bank did notimpose any constraints.

From the beginning, scholarly and public interest focused on the sectiondealing with the Bank’s history during the Third Reich. This was a period that,until this time, had been avoided by almost all written German companyhistories. In his essay on “The Deutsche Bank and the Dictatorship”, historianHarold James of Princeton University painted a detailed picture of the Bank’sparticipation in expropriating Jewish citizens as required by Nazi lawand of the Bank's role in South and East Europe during the Nazis’ militaryexpansion.

Almost all commentators concluded that the Bank had not attempted topresent itself in a better light in the research and that it had not tried tojustify its actions. In 1995, the Financial Times and management consul-tants Booz Allen Hamilton awarded the Bank the “Global Award” for theBest Business Book of the Year. The innovative editorial concept and thestrong public response made “The Deutsche Bank 1870–1995” a benchmarkfor the historical corporate studies that followed, for example, the studies

26

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damental issues of the future. In2002, the Society sponsored apublication prepared by theyoung, undogmatic “DeutschlandDenken! e.V.”, a nonprofit think-tank, on the debate on educationin Germany triggered by the EU’s“Pisa Study”. The publicationfinds a macroeconomic answer tothe question “How much educa-tion do we need?” by attemptingto quantify “human capital in Ger-many and what it earns”. It reachesthe thought-provoking conclusionthat education in Germany “notonly ignores the macroeconomicdimension of education, but alsothe large part of human capitalthat arises outside institutions ofsecondary and tertiary education”.

While the Herrhausen Society pro-motes international dialogue be-tween theorists and those on thecutting edge of practical develop-ments, for example, along thefault lines between society, poli-tics, business and academia, theStiftungsfonds Deutsche Bank,founded in 1970, concentrates sole-ly on sponsoring science. In 2002,the Fund disbursed grants of atotal of ¤ 5,563,642. These grantsare funded by an annual donationby the Bank and the interest anddividend on the Fund’s capital. Ofthe total, 60 % goes to Stifterver-band für die Deutsche Wissen-schaft e.V. – the nonprofit Essen-based umbrella foundation sup-ported by the German businesscommunity which has the task ofenhancing the competitive posi-tion of German science and theGerman university system. The re-maining 40 % is allocated by theBank, which seeks to promotescience in areas that are related tothe Bank’s business operations andactivities as a corporate citizen,while simultaneously making a con-tribution to international dialogue.

For example, funding was awardedlast year to the post-graduate pro-gram on “Capital Markets and theFinancial Industry in an ExpandedEurope” organized by the GeneralBusiness Administration Depart-ment of the European UniversityViadrina in Frankfurt/Oder. For thefirst time, a grant was made to theInstitute for Foundation Law andthe Law of Nonprofit Organizationsat the new Bucerius Law School inHamburg. There is also a substan-tial commitment to the EndowedChair for MultiMedia Applicationsat the Ilmenau Technical Univer-sity in Thuringia, the Chair con-centrating primarily on develop-ments in e-commerce.

For several years now, DeutscheBank has been sponsoring the In-stitute for Family Businesses atthe Private University of Witten/Herdecke. In the future, the Euro-pean School of Management andTechnology (ESMT), founded inBerlin on Oct. 31, 2002 by a groupof renowned German companies,will also be a focus of support. TheBank donated ¤ 5 million towardsthe ¤ 100 million required in chari-table contributions as the capitalstock for the Foundation runningthe ESMT.

Deutsche Bank was representedin New York as many as 130 yearsago in order to participate in fi-nancing railroad building in thepush westwards. In 1999, it mergedwith the US bank Bankers Trustand the Deutsche Bank equity waslisted on the New York Stock Ex-change. Small wonder then thatDeutsche Bank recognizes the im-portance in promoting transatlanticdialogue, for example, throughsupport for the Institute of Euro-pean Studies at the Universityof California in Berkeley. The His-torical Institute will be researching

Deutsche Bank’s long history inNorth America. In 2002, a researchproject on US-German economicand financial relations since 1870was launched in order to informthe staff and the general public onthe key phases and topics in thissegment of the Bank’s history.

Global corporations adapt to asocial framework of the differentcultures in which they operate. Inother words, corporations are partof the social development of aregion and have a responsibility to

consistently review their role andbehavior within this setting.

In 1992, in order to be proactiveon the direction in which societyis moving, Deutsche Bank set upthe Alfred Herrhausen Societyfor International Dialogue. By en-couraging change in society, theAlfred Herrhausen Society providesan open platform where new ideascan be developed and discussed.Priority is given to interdiscipli-nary dialogue across generations.

In 2002, the Society selected thetopic “With an Open Mind –Tolerance and Diversity” and, asin previous years, experts met inpanel discussions, lectures andconferences to shed light on theissues involved from different perspectives. At the annual col-loquium in Berlin in June 2002,250 experts from 29 different

countries discussed this theme,including speakers Tariq Ali, IanBuruma, Assia Djebar, Imre Ker-tész, Hans Kueng, and KenichiOhmae. Like every year theideas were published in a bilingual

English-German edition and areavailable in bookstores or throughthe Internet.

The colloquium was the culmina-tion of a series of events organizedaround this topic. In February, in-ternational peace prize winnersAlfred Grosser (France) and TaharBen Jelloun (Morocco) discussedthe subject of “The EndangeredPeace. Challenge to our Open So-ciety”. Simultaneously, a volume ofkeynote essays entitled “The Endof Tolerance?” was published, inwhich scholars and intellectualssuch as Daniel Goeudevert, JuttaLimbach, Jan Philipp Reemstma,Wole Soyinka, and Bassam Tibidiscuss the conditions underwhich tolerance is possible in theglobal village. In March, a con-vention titled “Of a Liberal Consti-tutional State and Civic Liberties”focused on the compatibility of

crime prevention and a constitu-tional democracy.

Renowned US philosopher MichaelWalzer’s lecture in March present-ing his theory of a “Just War” was

a perfect example of the AlfredHerrhausen Society’s openness todiscussing controversial topics. Thetalk was followed by intense de-bate. Moreover, in 2002, amongothers Joseph Stiglitz, Daniel J.Goldhagen and George Bush Sr.were all guests of the Alfred Herr-hausen Society. The debates tookplace in Berlin, Hamburg, Frank-furt, Vienna, London and at Har-vard University.

As in previous years, the Society’stopic formed the leitmotif for cor-porate commitment throughother Bank activites in the outsidecommunity (as in the “InitiativePlus” project; see p. 8) and inter-nally as in diversity management(see p. 54). The HerrhausenSociety works together with newtalent in the worlds of science,politics and business, particularlywith topics that highlight the fun-

29Science, History and Social Politics

Research, Education and International DialogueFurther Projects and Grants

28

Stiftungsfonds Deutsche BankGrants awarded on Deutsche Bank’s initiative in 2002, by field:

International dialogueduring the break Annual colloquium in Berlin:

Panel discussion on “Terrorism and Tolerance”

Economics50 %

Social sciences2 %

Law4 %

General sup-port forscience4 %

Political sciences

1%

Natural sciences and medicine14 %

Humanities25 %

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Facts and FiguresSelected Background Informationi

30 31Science, History and Social Politics

Selected Publications

Alfred Herrhausen Society for International Dialogue

Alfred Herrhausen Society for International Dialogue (ed.): ”With an Open Mind – Tolerance and Diversity”. Documentation of the Annual Colloquium 2002, Frankfurt am Main (F.A.Z.-Institut) 2003

Alfred Herrhausen Society for International Dialogue (ed.): ”The End of Tolerance? Identity and Pluralism in Contemporary Society”,Munich (Piper Verlag) 2002

”How much education do we need? Human capital in Germany and its gains”. Study of the Think Tank ”Deutschland denken!”, Frankfurt am Main 2002

Christoph Schwoebel, Dorothee von Tippelskirch (eds.): ”The Religious Roots of Tolerance”, Freiburg (Herder Verlag) 2002

Deutsche Bank Historical Institute

Manfred Pohl, Angelika Raab-Rebentisch: ”Chronicle Deutsche Bank 1870–2002”, Munich (Piper Verlag) 2002

Harold James: ”The Deutsche Bank and the Nazi Economic War Against the Jews”,New York (Cambridge University Press) 2001

Jonathan Steinberg: ”The Deutsche Bank and its Gold Transactions during the Second World War”, Munich (C.H. Beck) 1999

Lothar Gall, Gerald D. Feldman, Harold James, Carl-Ludwig Holtfrerich, Hans E. Bueschgen: ”The Deutsche Bank 1870–1995”, London (Weidenfeld & Nicolson) 1995

Manfred Pohl (ed.): ”On German and American Identity. Deutsche Bank in the USA 1870–1999”, Munich and Zurich (Piper Verlag) 1999

Chronology of public debate on the role of banks during the Third Reich

Research into the history of Deutsche Bank during the Third Reich commences.

After the fall of the Berlin Wall, new files are discovered stored in the GDR’s Central Archives.

Deutsche Bank finances the microfilm reproduction of 12,600 sets of files relating to the former Berlin Head

Office and subsequently makes them available to the public in the German Federal Archives.

For the first time a comprehensive and objective account of the Bank’s history from 1933–1945 is presented

in the scholarly volume “Deutsche Bank 1870–1995”.

Harold James starts researching the role the Bank played in the “Aryanization” of Jewish companies:

the study is published in 2001.

The British Foreign Office reports that during World War II Switzerland received gold from Germany valued

at a total of US $ 500 m.

The first ‘class action’ suit is filed in the US against Switzerland in the name of victims of the Nazis.

The independent “Bergier Commission” is appointed to investigate the question of assets transferred

to Switzerland. Harold James is made a member of the Commission.

The “Eizenstat Report”, as it became known, mentions that Deutsche Bank sold expropriated gold to Turkey.

A conference takes place in the Poelzig Building, the former HQ of I.G. Farben, Frankfurt/Main.

The topic: “Companies and Entrepreneurs in the Third Reich”.

Deutsche Bank appoints a commission of historians to research the Bank’s history during the Third Reich.

An international conference is held in London on the question of “Nazi Gold”. Over 30 nations take part.

All files, accounts and records of custody accounts prior to 1950 of all Deutsche Bank branch offices

are brought together at Eschborn, nr. Frankfurt, where they are made available for research purposes.

In total, over 9.5 kms of shelving are necessary to house them.

The first ‘class action’ is filed in a US court against Deutsche Bank and other major banks.

Jonathan Steinberg publishes his report on gold transactions made by Deutsche Bank.

An out-of-court settlement is reached between the major Swiss banks and the World Jewish Congress,

together with the persons represented by the US class action suit.

The first ‘class action’ suit brought against German industrial corporations due to their use of slave labor

during the Third Reich.

Deutsche Bank’s Historical Institute goes public with its discovery of files from its Katowice, Bielitz, Teschen

and Beuthen branch offices: the documents show these branch offices granted loans to local construction

companies active on the large building site of the I.G. Farbenwerk in Auschwitz and also active on behalf of

the Waffen-SS in Auschwitz.

13 German corporations, including Deutsche Bank, propose to the German Federal Chancellor that a special

foundation be established: “Remembrance, Responsibility and the Future”.

Talks between Bodo Hombach, as Representative of the German Federal Government and Rolf-E. Breuer,

Spokesman of the Board of Managing Directors of Deutsche Bank and representatives of the US

Administration and the World Jewish Congress discuss the foundation to be set up by the German business

community.

Lothar Gall publishes an essay on the role Hermann Josef Abs, former Deutsche Bank Spokesman, played

in the Third Reich.

The final declaration establishing the “Remembrance, Responsibility and the Future” foundation is signed.

The German Federal Government and the German business community make a total of about ¤ 5 bn available

as compensation for slave laborers and other victims of the Nazi regime. In return, German corporations are

guaranteed protection before the law in the United States.

Avraham Barkai starts work on a biography of Oscar Wassermann, member of the Deutsche Bank Board

from 1923–1933 and an ardent Zionist.

Publication of the Final Report and of the last seven studies and research evaluations by the Swiss

“Bergier Commission”.

The “Remembrance, Responsibility and the Future” Foundation has distributed a total of ¤1.84 bn, to over

a million victims by the end of the year.

1988

1990

Mar. 1995

1996

Oct. 1996

Oct. 1996

Dec. 1996

May 1997

June 1997

Dec. 1997

Dec. 1997

June 1998

June 1998

July 1998

Aug. 1998

Aug. 1998

Feb. 1999

Feb. 1999

Feb. 1999

1999

July 2000

Jan. 2002

Mar. 2002

Dec. 2002

Society for Capital Market Research at University of Frankfurt/Main: Expansion of the Center for Financial Studies

Georg Speyer House, Frankfurt/Main, chemotherapy research institute: ”Hermann J. Abs-Program for researching methods

in molecular biology”; in cooperation with Hadassah Medical Organization, Jerusalem

German Institute for Japanese Studies, Philipp Franz von Siebold-Foundation, Tokyo:

Aid in publishing the ”German-Japanese Dictionary”

Technical University of Berlin, Anti-Semitism-Center: Research project ”Rescuing Jews in Nazi-Germany”

Frankfurt Institute, Foundation for Market Economy and Politics, Berlin: Funding of research on economic and regulatory policy

University of St. Gallen, Switzerland: Campus expansion of University of St. Gallen

University of California, Berkeley, Center for German and European Studies (CGES):

Promotion of German-American and transatlantic dialogue

University of Munich: Sponsored professorship for economical ethics

German Society of Friends of the Weizmann-Institute: Transformation of the Dannie-N.-Heinemann Laboratory into a laboratory

for molecular astrophysics to the Weizmann-Institute in Israel

Foundation International Bach-Academy, Stuttgart: Funding of research on the opus of Johann Sebastian Bach

Humboldt-University of Berlin, Schumpeter-Institute: Visiting professorship ”International Research in Economics”

Tongij-Univeristy Shanghai: Sponsored professorship in the field of ”Investment and Financing” within the economics department

Business School, Oestrich-Winkel: Funding of research and teaching

University of Leipzig: Sponsored professorship for business communication

Aspen Institute Berlin: Promotion of transatlantic relations

University of Frankfurt/Main, department of economics: International trade

Association of Friends of University of Mainz: Johannes Gutenberg-professorship 2002

University of Heidelberg, philosophy seminar: Sponsored visiting professorship to commemorate Hans-Georg Gadamer

Association for Promoting the Institute for Bank Economics and Bank Law at the University of Cologne:

Funding of research in economics and law

University of Technology Sydney, School of Finance & Economics: Conference on ”Quantitative Methods in Finance”

Stiftungsfonds Deutsche Bank im Stifterverband fuer die Deutsche Wissenschaft e.V.Selection of grants awarded at the behest of Deutsche Bank:

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Environment and Sustainability

Environment and Sustainability

■ Projects and Grants

■ Great Limpopo Transfrontier Park, Wildlife College

■ Environmental Management System

■ ISO 14001

■ Dow Jones Sustainability Indexes and the FTSE4Good

■ Prototype Carbon Fund

■ United Nations Environment Programme (UNEP)

■ Global Compact

■ Initiative econsense

■ Global Reporting Initiative

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Limpopo Transfrontier Park. The Foundation is based on Deutsche Bank’scommitment to the environment: sustainability always requires simul-taneous ecological, economic and social development. Only by dovetailingthese three and with cross-border collaboration can such sustainabledevelopment be ensured. In Africa, sustainable development rests prima-rily on the natural resources at hand, first and foremost, nature, the wildanimals and an intact environment. This capital must be preserved and yetused for economic ends and this is precisely the role of the Peace Parks.They combine protection of the environment with concepts for socialdevelopment, thereby directly advancing the region’s political stabilization.Through collaboration with local inhabitants, training rangers and managersand creating jobs, the Peace Parks have become important to the regionaleconomy. At the same time, the Parks function as a multiplier, an incentivefor others to get involved.

That said, the concept stands or falls with the long-term development oftourism; tourism on a scale that makes a substantial economic contributionand yet remains eco-compatible. Although there is a high demand forvacations in Africa, there is insufficient accommodations and a lack of trainedpersonnel. Which is why the Southern African Tourism College in GraafReinert (like the SAWC, sponsored by the Peace Parks Foundation) is busytraining local women to run guesthouses and lodges. In 2002, 30 womengraduated from the college.

Another 19 Peace Parks have already been planned, meaning that one dayan entire network of nature reserves may spread right through to Angolaand Rwanda, into the Okavongo Delta and as far as the Victoria Falls. Thisconcept could prove to be a winning export. Nelson Mandela, PatronEmeritus of the Foundation, is already negotiating the creation of a PeacePark in the demilitarized zone between North and South Korea. He professesthat, “There is no political movement, no philosophy, no ideology that isnot compatible with the Peace Park concept. In a world full of conflict andstrife, peace is the foundation stone for the future. The Peace Parks are an important building block along the way – not only in our region butpotentially the world over.”

35Environment and Sustainability

Sipho Gumede Has a Dream Peace Parks Promote Sustainability in Southern Africa

We all know the pictures so well, as if we had seen them with our own eyes:a vast expanse lies before us, flooded with light, fertile and warm. A lionessis dozing in the midday heat; a herd of buffalo are grazing peacefully on theedge of a watering hole; herds of antelopes and elephants move across thesavannah as dusk approaches. Paradise – out of Africa. The images are acliché and could soon become a thing of the past. For political instabilityand economic under-development are fast threatening the complex balancebetween humans, animals and nature, even if it is all still intact in manyplaces. If something is not done quickly, the dream of an African paradisecould soon become a nightmare. Anton Rupert, founder of the Peace ParksFoundation, is convinced that, “If people in Southern Africa do not see anyprospect of a better future, then there will be no peace, no progress andno prosperity in this agitated continent.”

28-year-old Sipho Gumede has a perspective. He is one of the first rangersin the newly-founded Great Limpopo Transfrontier Park, a nature reservein Southern Africa, or, to be more exact, at the point where South Africa,Zimbabwe and Mozambique meet. Before starting work there in January2002, Gumede was one of 31 students preparing for his future professionat the Southern African Wildlife College, SAWC, near the Kruger NationalPark. His day starts before sunrise, when there is a short team meeting toassign the main tasks for the day. In addition to general park administration,he is responsible for securing the nature reserve, accompanying and supporting tourists, monitoring animal numbers and following where theanimals go. For it was not until the park was established that animalswere able to pursue their instincts and move freely across the man-madenational borders. The team’s day starts before sunrise: they meet and startby placing markers on the map signifying the points to be checked by carduring the day, and at the day’s end the rangers return to the AdministrationBuilding and report on changes or on problems that need solving. Allinformation is incorporated into the long-term development plan that the Regional Wildlife Manager puts together with the managers of theother reserves.

The Peace Parks Foundation, established by Deutsche Bank in 2001 andactively supported since then, is the driving force behind the Great

34

Peace Parks Foundation

Management: Anton Rupert Willem van Riet

www.peaceparks.org

Southern AfricanWildlife College

www.wildlifecollege.org.za

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sche Bank is concentrating its sus-tainability efforts increasingly onthose projects and organizationsthat reflect global connectivity. An example is the Prototype Car-bon Fund, to which the Bank hascommitted US $ 5 million. The keyreason for the decision to join thisFund was its goal of developingnew measures for global climatecontrol with a clear market focus.The Fund will support up to 40projects in South America, Africa,Asia and East Europe, all designedto minimize carbon dioxide emis-sions and entailing total financialcommitments of US $ 180 million.

At the same time, we have ap-plied the know-how we are gainingthrough these projects to move ourown in-house processes forward,for example with regards to riskmanagement. The effective im-provement of world-wide climateprotection is also part of the Bank’sactivity on the Working Party onEmissions Trading that debatesissues relating to the introductionof trading in emission rights.

UNEP – the United Nations Envi-ronment Programme:The UNEP stimulates new de-velopments and coordinates theactivities of industry, governmentsand NGOs. As early as 1992, Deut-sche Bank helped create the “Declaration by Financial ServiceProviders on the Environment andon Sustainable Development”,which now is the acknowledgedfinancial industry’s environmentalcode. Deutsche Bank chairs thecoordinating committee for UNEPFI, the global initiative for financialservices providers. Indeed, UNEPoffers the Bank a platform for reg-ular dialogue with NGOs. More-over, Deutsche Bank has been anactive signatory of the UN’s GlobalCompact since its inception in

2000. In the Compact, companiesagree voluntarily to support ninekey universal principles on humanrights, labor and the environmentglobally.

The “Initiative econsense – Forumfor Sustainable Development” alsounites all sectors. Globally activeGerman corporations have joinedforces to share with the publicand politicians their industry ex-pertise and help solve issues con-nected with sustainability. At thesame time, this cooperationallows companies to see beyondthe confines of their own particu-lar field, a focus that the Bankhas also adopted for its work onthe World Business Council forSustainable Development.

The Global Reporting Initiative, GRI:Transparency is very important tothe credible coverage of a com-pany’s activities. GRI guidelinesalso feature the key SPI Financefigures, as they are known, whichDeutsche Bank helped devise. TheBank also plays a proactive role

on the Board of Directors in ad-vancing the GRI indicators. Wehave taken our cue from the GRIguidelines when compiling thisReport which, for the first time,summarizes Deutsche Bank’scommitment to society, to com-munity development, to culture andto the environment. The index onp. 80 locates the GRI indicators inthe present Report.

Group Board of Managing DirectorsResponsibility for Environmental Topics

Corporate Center

Sustainability & Environmental Coordination

Operational Environmental Protection

Regional Environmental Compliance Officers

CIB PCAM

Coordinator of Operational Environmental Protection

Compliance Officer for Operatio-nal Environmental Protection

For Deutsche Bank, as we haverepeatedly indicated in this Report,sustainability is a key factor inbusiness administration and thusstrongly influences corporate de-cision-making. It presents both anopportunity and a challenge, achance to create added value andis a part of our global responsibil-ity. Sustainability is an important

issue with the Group ExecutiveCommittee and is institutionalizedas an overarching managementsystem in all the Bank’s divisionsand sections. Environmental sus-tainability is certified according toISO 14001. The relevant processesare controlled by the Bank’s Inter-nal Committee on Sustainability,which is comprised of representa-

tives from all Bank divisions and ischaired by a member of the Boardof Managing Directors.

Sustainability with a view to theBank’s business:We endeavor to treat energy, wa-ter and paper usage in ways thatspare resources. Since 1997, for ex-ample, Deutsche Bank has saved8,892,836 kWh of power in Germany– equivalent to the consumptionby 20,873 four-person families. Overthe same period, we have reducedwater utilization by 265,298 cubicmeters, enough to fill 106 Olym-pic-size swimming pools and wehave decreased the consumptionof printed matter by 889 tons, suffi-cient to fill 40 railroad containers.

Sustainable business also drivesproduct development. For example,through our DWS subsidiary, wehave launched sustainability-oriented funds, most recently theDWS Invest Sustainability Leaders.To make it easier for investors toidentify responsible companies,Deutsche Bank supports an In-ternet platform for sustainable in-vestments run by the EuropeanBusiness School (www.nachhal-tiges-investment.org). National andinternational ratings and researchagencies enable companies to dis-tinguish themselves from compet-itors by their inclusion in certainindices, such as the Dow JonesSustainability Index or the FTSE4-Good Index. Deutsche Bank isincluded in both these indices –showing how effective the Bank’swork on sustainability has been.

Sustainability with a view to society:As an international company, Deut-

37Environment and Sustainability

Sustainable Growth and Global ActionFurther Projects and Grants

36

Klaus Toepfer, Executive Director of UNEP

Overview of Organizations and Functions Concerning Environmental Issues

Group Board of Managing DirectorsResponsibility for environmental topics

Corporate Center

Operational Environmental Protection

Compliance Officer for OperationalEnvironmental Protection

Chairman

Members

Sustainability & Environmental Coordination

Group Compliance Officer for the Environmental Management System

CIB PCAM

Overview of Reporting System for Environmental Issues

Environmental ImpactBusiness Impact

Social Impact

Sustainability

Group Compliance Officer for the Environmental Management System

Co

mm

ittee of S

ustain

able D

evelop

men

t

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Facts and FiguresSelected Background Information

38

Eco-Data. A Comparison for 1997 – 2002 (Germany)

39Environment and Sustainability

Residual waste, absolute (tons)

Waste paper, absolute (tons)

Water consumption, absolute (m3)

Electricity (GJ/MA)

Heating power, total (GJ)

CO2 emissions, energy (tons)

Company car fleet*

Aver. fuel consumption (l/100 km)

Aver. fuel consumption (l/company car)

Gasoline consumption (1000 l)

Diesel consumption (1000 l)

CO2 emissions per company car (tons)

Total air travel (km millions)

Total rail travel (km millions)

Total travel by rented car (km millions)

CO2 emissions for travel (tons)

Total CO2 emissions

Deutsche Bank’s Eco-Management System obtains throughout the Group and focuses first and foremost on business workflow. In Germany,it has received ISO 14001 certification. The figures for operational consumption levels presented refer to the certified region.

Electricity Consumptionin Gjoules

0

5

10

15

20

25

30

26.3

23.822.8

20.9 20.9

24.4

‘97 ‘98 ‘99 ‘00 ‘01 ‘02

Water Consumptionin 1,000 cubic meters

Waste Paperin tons

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

3,2513,018

2,809

3,805

4,530

4,031

‘97 ‘98 ‘99 ‘00 ‘01 ‘02

5,000

Deutsche Bank Mission Statement on Ecology and Sustainability

We believe sustainability means future viability – with the aim of ensuring future generationsenjoy a healthy environment as well as stable economic and social conditions. We are committedto this guiding principle.

Taking sustainability into account serves to secure our long-term corporate value. Sustainabilityis an integral component of our business making decisions.

We review and continually improve our everyday work procedures according to sustainabilityrelated criteria.

We are committed to ensuring our staff members enjoy a healthy work environment. As far as possible, we use the most eco-friendly technology and spare natural resources to a degreethat goes beyond statutory requirements. In this regard, we regularly monitor our operationsand goals.

We also believe that sustainability implies a clear commitment to developing sustainable concepts.Our proactive co-operation and solution-oriented dialogue with international partners reflectsour sense of global responsibility.

Approved by the Group Board of Managing Directors in August 2002.Deutsche Bank has been included in theDow Jones Sustainability Indexes and in theFTSE4Good Index Series since these were first launched.

1997

6,108.2

3,250.8

953,478.0

26.3

833,652.0

199,166.3

1998

4,944.2

3,017.7

868,780.0

23.8

776,474.1

180,055.6

1999

6,030.8

2,809.3

809,988.0

22.8

855,851.0

172,724.0

2000

4,545.3

3,804.7

745,542.0

20.9

818,908.6

166,277.0

106.0

33.6

2001

4,285.0

4,530.0

822,638.0

20.9

927,645.4

172,172.2

4,828.0

8.8

2,272.0

4,660.0

6,312.1

27,411.9

86.4

34.7

8.4

20,656.9

220,240.9

2002

3,553.0

4,031.0

688,180.0

24.4

830,696.4

148,855.0

6,295.0

8.3

2,408.0

6,127.2

10,938.9

42,984.5

72.6

23.3

8.3

17,430.9

209,270.5

‘02 on ’01

–17.08

–11.02

–16.34

17.21

–10.45

–13.54

30.39

–5.36

5.99

31.49

73.30

56.81

–15.97

–32.85

–1.19

–15.62

–4.98

percentagechange

0

91.3

98.8

61.5

‘97 ‘98 ‘99 ‘00 ‘01 ‘02

10

20

30

40

50

60

70

80

90

100103.0

84.8 85.0

0

810

688

‘97 ‘98 ‘99 ‘00 ‘01 ‘02

100

200

300

400

500

600

700

800

900

1,000953

823869

746

CO2 Emissions by Cause in 2002Total: 209,278 tons

ISO 14001 Certificate

Cars 21.41%

Air travel 7.08 %

Rail travel 0.38 %

Electricity 53.03 %

Heating energy 18.10 %

* Owing to changes in the company car regulations in 1999, increasingly private cars were replaced by company cars.

Paper Consumption: Preprinted Forms/Printed Matter in tons

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Sports

Sports

■ Projects and Grants

■ “On the Path to Olympic Glory”

■ National Anti-Doping Agency (NADA)

■ “One of Our Own”

■ Deutsche Bank-SAP Open

■ “Aachen Grand Dressage Prize”

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Sports

By Canoe from Berlin to Athens “On the Path to Olympic Glory” with Deutsche Bank

Although few can match his sporting achievements, five times WorldChampion in the four-man canoe, silver at the Sydney Olympics and twiceEuropean Champion, Stefan Ulm is not resting on his laurels. He’s set hisheart on winning the gold medal at the Athens Olympics in 2004 and he’sworking hard toward that goal. Last winter, he spent two weeks cross-country skiing to build up his endurance, joined the Australian training campfor five weeks and then, after a fortnight in Italy, he went on to Magdeburgto hone his technique – a schedule as busy as that of any manager. In fact,even when Stefan Ulm is at home in Berlin, training takes up almost six hoursof his day. “You need to train hard at least 18–22 hours a week if you want tohold your own among world-class athletes,” he asserts. So each trainingsession starts early in the morning but still he doesn’t get to work before 1pm.

This is where Deutsche Bank lends a helping hand – at the interface between training and job. Together with the German Sports Aid Foundation,Deutsche Bank has created the “On the Path to Olympic Glory“ project inorder “to promote the professional careers of top athletes in medium-sized companies”. It is an example of Deutsche Bank’s commitment tosociety and one that it encourages others to emulate. The project pro-vides financial compensation to companies for the time that athletes ontheir payroll are absent while training or at competitions. Although Ulmreceives a full salary from “Kanu-Connection”, a specialist equipmentprovider in Berlin, he is only able to put in about half the hours he should –a cost many small companies cannot afford. Through the German SportsAid Foundation, Deutsche Bank compensates Ulm’s company for this“lost” time.

Stefan Ulm’s bosses know what is at stake: André Wohllebe and FrankFischer were themselves once leaders in the international canoe communityand indeed Wohllebe even won a gold medal at the Olympics in 1992. So they can well understand that Ulm has to be absent from his place of work for weeks on end and comes back with tanned skin and sun-bleached hair.

Kanu-Connection’s store in a typical Berlin backyard is packed with canoes,paddles and sports gear and the atmosphere there is easy-going andfriendly. So it was quite a stroke of luck for Ulm that he landed a job there.After all, he has to live on his salary – canoeing is not like Grand Prix racingwhere generous sponsors and lucrative advertising contracts await the best.Of course, his bosses benefit from Ulm and his successes on the water.What canoe salesman can be more credible than a world championand who would know better what counts most in a boat?

Ulm was always ambitious, even if at first glance he seems more thehappy-go-lucky sonny-boy than a tough champ. Born in East Berlin backin 1975, he caught the eye of the GDR scouts at a tender age and startedcanoeing when he was nine. “They had simply arranged for a brilliant

42

event to advertise the sport,” Ulm recollects. “They told me about how it was all back to nature, tents and camp fires. And at that age, I was thrilled.”

That was how he came to join BSG Motor Koepenick, where he started totrain. At first, he trained twice a week, then ever more frequently, until in1989 he moved on to sports college, which meant training six times aweek. Before long he was World Junior Champion and then, in 1997, WorldChampion in the 4-man canoe. Two of the other three oarsmen who werein the same canoe are still active today.

Ten serious regattas a year are the norm, and then add on training con-tests and a few invitational tournaments. However, Ulm’s goal in sports isas high as you can get: World Championships or the Olympics. Theyare all that counts for the best of the best. For them, even a GermanChampionship may just be for training’s sake. After all, in this class, per-sonal well-being depends on sporting success. Anyone who does not per-form brilliantly receives no government support and will have a toughtime maintaining their training while supporting themselves.

For Stefan Ulm, the “On the Path to Olympic Glory” program is ideal.“Without it, I would simply not be able to build a career outside sports.”After all, unlike many of his competitors, he can pursue a professionalcareer while being a world-class canoeist. Since the launch in 2001, over200 leading athletes from some 150 different companies have benefitedfrom this form of financing. In the 2002–3 period, as of April 2003, 131grants were awarded.

“Because of the obvious success of a few ‘stars’, public opinion tends tounderestimate the problem. Most athletes have to concern themselves witha professional career while they are still active on the world sports stage,”professes Hans-Ludwig Grueschow, Chairman of the German Sports AidFoundation.

The “On the Path to Olympic Glory” project makes everyone happy.“Kanu-Connection” can afford an able and dedicated salesman who isalways on the crest of new trends and Stefan Ulm can concentrate on hissports; he is financially secure and he can already pursue a profession that promises him a life after sport. Furthermore, the German CanoeFederation and the Olympic team have a successful athlete who can trainoptimally and who therefore has a really great chance of making hisdream come true. And to win the Gold all he now needs is that little bitof extra luck on the day.

43

“On the Path to Olympic Glory”Grants awarded by sport (total: 131)

“On the Path to Olympic Glory”A Deutsche Bank Project

Management:Hanns Michael Hoelz,Ottmar Kayserwww.deutsche-bank.de/cca/en/sport.html

German Sports Aid Foundation

www.sporthilfe.de

Paraplegic sports 8 %

Winter sports 14 %

Summer sports 78 %

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the Federal States, the City ofBonn, (which has placed officepremises at the Agency’s disposal)and the various Sports Federa-tions. On behalf of the businesscommunity, Deutsche Bank andDeutsche Telekom, as foundingmembers of NADA, have eachpledged ¤ 250,000 over a periodof five years.

This active dedication by both pol-iticians and the world of businessemphasizes a clear goal. The coreissue is not the “technical” diffi-culty of proving an individual hastaken drugs or of preventing drugabuse by implementing controls.Instead, the focus must be on theunequivocal and resolute re-jection of all forms of performance-enhancing substances. However,for all the spectacular casesreported in the media, we shouldkeep things in proportion: only avery small number of athletesattempt to gain an advantage byunfair means. The vast majorityof competitors reject drugs anddo their absolute best to trainoptimally and to reach to the stars.

Younger sportspeople often faceconstraints regarding their voca-tional training. For this reason, atthe Berlin Olympic Center, theGerman Sports Aid Foundationhas joined forces with the bbwAkademie, the vocational collegerun by businesses in Berlin andBrandenburg, to develop a trainingproject for competitive sports-people. Several classes have beenestablished that run over a largernumber of semesters than normalin order to enable the students to train hard and take part in com-petitions. Deutsche Bank providessubsidies for these “course schol-arships”. As part of the “One ofOur Own” program, Deutsche Bankalso supports potential Olympic-

class sportspeople among its ownstaff. The program enables thesestaff members to prepare intensivelyfor the Olympic Games. The participants include rower KathrinBoron, swimmer Christian Kellerand boxer Sebastian Koeber.

Deutsche Bank also sponsorstwo major sports events. The Deut-sche Bank-SAP Open TournamentPlayers’ Championship of Europe,

held alternately at Gut Kaden out-side Hamburg and at St. Leon-Rotnear Heidelberg, is the premier golftournament on the European con-tinent. It was first held in 1998 asthe successor to the DeutscheBank Open played on the Bank’sown course since 1995 and a welcome addition to the Germanand European golf circuit. In 2002,78,000 spectators followed the

match play at St. Leon-Rot, wonby Tiger Woods (for the third timesince 1999) in an exciting play-offagainst Colin Montgomerie.

Deutsche Bank is helping boostthe popularity of golf – which is agrowing sport in Germany withover 400,000 active golfers. More-over, Golf provides numerous ex-clusive opportunities to enhancecustomer loyalty. At the end ofAugust 2003, the Deutsche BankChampionship will tee off in Bostonin the United States: a new tour-nament in the US PGA Tour.

For many years Deutsche Bankhas been sponsoring the AachenCHIO World Equestrian Festival.The tournament is the only official international equestrian contestwhere national prizes are awardedin all three disciplines, dressage,jumping and cross-country racing.In 2002, over 300,000 spectatorsattended the Festival. DeutscheBank sponsors dressage and eachyear awards the Deutsche Bank AG“Aachen Grand Dressage Prize”.It has also lent its name to themodern dressage stadium.

Deutsche Bank is committed tosports at numerous levels. “Team-work, performance and fair compe-tition are values that are essentialin sports,” states Michael Hoelz whois Global Head of Corporate Citi-zenship at Deutsche Bank. “Thesevalues also stand for DeutscheBank’s corporate identity.” For thisreason, the Bank is also activelycommitted to the battle againstsubstance abuse among athletes.

Sports has a lot to do with ambi-tion and on occasion can lead toathletes becoming over-ambitious.Occasionally, a sportsman cando things that are not compati-ble with the idea of a level playingfield, such as using illicit perfor-mance-enhancing substances.Ever since big money invadedthe world of sports, there hasbeen a great temptation to boostachievements by illicit means.Drug abuse, however, is not amere misdemeanor; it marks theend of competitive sports. Forif it is not the sportsman but thechemists who are the reason forvictory, then sport has ceased tobe a real contest and has dete-riorated into a media spectacle.Mere appeals are insufficient toprevent such a regrettable state of

affairs. Combating substance abusemust involve controls and mustbe the continuous joint mission oftrainers, teachers, parents, clubsand associations, i.e., of the broader general public. The past hasshown that competitive sportcannot, by itself, muster suffi-cient resources to cut off theugly head of drugs. Recently,spot checks at contests were the

prerogative of Sports Associa-tions, while the German SportsFederation’s Anti-Doping Com-mission and the National OlympicCommittee were in charge of spotchecks during training. The con-sensus today is that only anagency that is independent of allinterest groups and is supportedby both the sports community andthe public will effectively curbdrug abuse. The key factor is pre-vention: a clear position in favorof fair play must be adopted in thewide world of amateur sports acti-vities, i.e., in schools, healthclubs, and sports clubs. It is herethat the sports stars must act asrole models. For at the end of theday, what is crucial is to render

young people immune to the se-duction of drugs.

In 2002, following the example setby the International Olympic Com-mittee with its World Anti-DopingAgency (WADA), the National Anti-Doping Agency (NADA) was es-tablished as a German civil-lawfoundation. On July 15, 2002, OttoSchily, German Minister of the

Interior, and Manfred von Richt-hofen, President of the GermanSports Federation, announced theinauguration of NADA and theFoundation became legally opera-tive in November. The Foundationis designed to bring all Germananti-drug activities together (anti-drug measures at present in-clude some 4,000 spot checks ayear), to unify procedures for thevarious arbitration panels and tointensify the drug abuse preven-tion campaign.

NADA is a joint undertaking bythe world of sports, politics andbusiness. The Agency’s funds of¤ 6.6 million are provided by theCentral Government (¤ 5.1 million),

Sports

On Fair Play, Handicaps and PirouettesSports Projects and Sports Sponsoring

44 45

Annegret Kramp-Karrenbauer, Otto Schily, Manfred von Richthofenand Baerbel Dieckmann at the NADA launch

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Our ability to invent locally relevant products and solutions and our organizationaland project management skills are needed even more than our money. Indeed,in Johannesburg last summer, world leaders were clear that one of the biggestdevelopment gaps is actually an implementation gap. Working to close the gapbetween the goals of global treaties and their implementation could make thebiggest difference of all.

In other words, financial capital alone is not the greatest asset multinationals canbring to sustainable development today; it is human capital; it is experience andknowledge, and it is the ability to translate that into capacity-building. It is aboutengaging with various stakeholder groups to understand the challenges facedglobally and committing to be a part of the solution. For HP, it has meant committinga senior executive to run a working group at the UN focused on harnessing thepower of information and communication technologies to support the MillenniumDeclaration goal of decreasing the number of people living in extreme povertyby 2015. Similarly, Deutsche Bank’s work with UNEP Financial Initiatives strivesto improve the sustainability of the financial infrastructure globally.

Today, good corporate global citizenship is about deeply engaging with a localcommunity to understand its needs, create a vision for the future, and help thecommunity implement this vision. Rather than simply writing a check or providingproducts, it is about committing some of our best talent for extended periods oftime to underserved communities around the world and charging them with theresponsibility of working with local citizens to set goals and create solutions forthe challenges that community prioritizes.

It is about considering new products and solutions to better meet the needs of thesecommunities. As an industry where only ten percent of the world’s population isin a position to buy IT products, we have to acknowledge that many of the ideasand markets of the future will come from the developing world. These activitiesare no longer considered separate from our long-term business success; theyare fundamental to our success. The goal is not just about social value; it is alsoabout generating new products and finding new solutions that fuel our businesssuccess.

As Deutsche Bank said in its annual report in 1999, “the ability to link profitability,business and social commitment is becoming an increasingly important factor forcorporate success.”

We share Deutsche Bank’s belief that with global reach must come global respon-sibility. As business leaders, we have it within our power today to redefine therole of the corporation on the world stage, to raise capabilities, empower localcommunities, and build hope that we can address the complex problems aroundthe world today – while building long-term business value in the process. That iswhat global citizenship means today. Our future and our world are waiting.

Essay

Carly FiorinaCEO, Hewlett Packard

Since the Berlin Wall fell 14 years ago, one of the images that has emer-ged as a symbol of our modern world is the global village. In fact, we haveheard the term used so often to describe our increasingly interconnectedworld that it is easy to take it for granted. But have you ever stopped tothink what the world would look like if it actually were a single village?

If we could shrink the globe down to a single village of 100 people, with all of theearth’s existing ratios the same, what would we see? Of the 100 people, 57 wouldbe from Asia, 21 would be from Europe, 14 would be from the Western Hemisphere,and eight would be from Africa. 80 would live in substandard housing. 70 wouldbe unable to read. 65 would never have made a phone call. 50 would suffer frommalnutrition. Nearly 25 would live on less than a dollar a day. 20 would never havehad a clean drink of water. Only one would have a college education. And onlyone would own a computer.

Imagine if all those people actually did live in the same village. Imagine if theywere all painfully aware of how each other lived. Imagine the resentment thatwould build up in that village if those who had food did not make enough of aneffort to feed those who did not; if those who had access to clean water did notthink about those who did not; if the person with the college education went outand bought a car and satellite television and simply enjoyed life, while the childrenacross the street sat in darkness, begging for food.

What does it mean to be a good citizen in this village? In short, it means recognizinghow our actions fit into a much larger ecosystem of causes and effects; it meansoperating within that system rather than in isolation. It means looking at how oneindividual or corporation can contribute to make the village or community a better,more sustainable place for all.

What does it mean to be a good global corporate citizen today? At a minimum,it means upholding the highest possible standards of integrity and conductingthe affairs of your organization with the highest degree of transparency andaccountability. It means living up to the highest possible standards in areas likeenvironment, privacy and labor and human rights. It means providing philanthropiccontributions to the communities where your organization operates.

That is all good, but no longer good enough. The inter-connectedness of the worldand the global economy now require that good global corporate citizens mustalso engage with stakeholders to help solve the fundamental problems in the worldtoday. From the World Summit on Sustainable Development in Johannesburg tothe World Economic Forum in Davos, it is clear that expectations about the rolecorporations can and should play in improving the well-being of society are rising.

How can we leverage corporate resources to have the greatest impact? Whilefinancial contributions are critically important to alleviating many situations in thedeveloping world and underserved communities, corporations have more importantassets that can be brought to bear to solve the world’s most challenging problems.

46

Global Companies – Global ResponsibilityAccepting the Challenges

47

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particular must continually adapt to international market requirements. Since 2001,Deutsche Bank’s structure consists of three Group Divisions: the Corporate andInvestment Bank (CIB), Private Clients and Asset Management (PCAM) and Cor-porate Investments (CI). The latter largely manages private equity investments,property and traditional industrial holdings. Moreover, the Corporate Center supportsthe Board of Managing Directors in planning, steering, control and risk managementand in fulfilling regulatory requirements.

CIB encompasses

■ Global Markets, which comprises all trading, sales and research in foreign ex-change, debt and derivatives business,

■ Global Equities, which largely comprises equity research, sales and trading,

■ Global Corporate Finance, concerned with all aspects of company financing,and

■ Global Transaction Banking, which provides cash management services to com-panies and financial institutions.

Core business areas in PCAM are

■ Private and Business Clients, which serves more than 12 million private and retailcustomers,

■ Private Wealth Management, which addresses high net worth private individualsand their families worldwide, and

■ Asset Management, with its global mutual fund business for private and insti-tutional customers and tailored investment products in equities, bonds and realestate.

The Group is managed by the Group Board as a virtual holding.

Business

Deutsche Bank AG

deutsche.bank@db.com

Shareholder Hotline:+49 8 00-910-80 00

Investor Relations:+49 69-9 10-3 80 80db.ir@db.com

Annual Reporton the Internet:www.deutsche-bank.com/02

Corporate GovernanceReport 2002 and Principles:www.deutsche-bank.com/ir

Deutsche Bank AG aspires to be a leading global provider of integratedfinancial solutions for demanding clients and the pre-eminent bank inGermany. Our domestic market is Europe, and a strong position in theEuropean and especially in the German market is the basis for our globalactivities. With 77,442 employees as of the end of 2002, the Bank currentlyserves more than twelve million customers in 76 countries. More than halfof our staff work outside Germany.

As a modern universal bank Deutsche Bank offers a wide range of high-qualityservices. Our comprehensive offering for private customers ranges from accountmanagement and cash and security investment advice to asset managementand retirement planning. Corporations and institutional clients are offered theentire product spectrum of an international corporate and investment bank –from payments settlement and comprehensive financing options to new issuebusiness and merger and acquisition advisory. Moreover, Deutsche Bank maintainsa leading international position in FX business as well as bond and share andderivatives trading.

Since companies do not operate in an economic context alone, but also act asinstitutions within society, they must consider the interests of various groups intheir decisions. Deutsche Bank regards its shareholders, customers, employeesand society as its most important target groups. Decision-making processes areaided by discussions and by sharing ideas with stakeholders. In order to createlasting value for Deutsche Bank – and thus for its target groups as well – it isnecessary to take account of various interrelations between these target groupsand to seek to achieve a long-term balance between them. This requires thatinvestors are prepared to invest in the company. At present, the Bank has morethan half a million shareholders. 80 % of its shares are held by institutional investors(including banks) and nearly 50 % by foreigners.

Success on the market is determined above all by customer satisfaction. The Bankcan only fully meet its customers’ needs with attractive products offered at com-petitive terms and an excellent service. Our customers are therefore at the centerof our business philosophy. An attractive range of services, in turn, can only beoffered by staff who have a first-class qualification, are highly motivated, who havea wealth of experience and identify with Deutsche Bank, its values and its corpo-rate culture. In its business development, Deutsche Bank seeks to not onlymeet its economic but also its environmental and social responsibility. Thesimultaneous consideration of all three criteria is a condition for sustainabilityand, in our view, characterizes actions designed to pass on to future generations sta-ble economic and social conditions as well as a healthy environment. With itsmanifold cultural and social activities, comprehensively documented in thisReport for the first time, and the voluntary support of its employees, DeutscheBank moreover assumes responsibility as a corporate citizen – even in placeswhere it has no business activities.

To achieve optimum success for all groups, companies with global operations in

48

Sustainability as a Comprehensive MissionA Company Overview

Our Management Structure

Functional Committees

Divisional Committees

Group Executive Committee

Group BoardBusiness Heads

Human Resources

Alternative Assets Asset/Liability

Investment

Compliance

IT & Operations

Finance

Risk

Corporate and Investment Bank

Corporate InvestmentsPrivate Clients and Asset Management

49

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Business

Via internal policies employees of Deutsche Bank are committed to the observanceof and compliance with various rules and policies. These policies comprise rulesfor cooperation at Deutsche Bank, for all business areas such as risk managementand product development and, not least, the consideration of ecological and socialcriteria. Our employees are trained and informed of these policies regularly, whoseobservance is monitored internally and, in some cases, externally. Violations ofthese policies may have personal consequences.

50

Number of Shareholders Slightly Lowerin thousands at year’s end

250

350

450

550

499

‘98 ‘99

494

‘00 ‘01

513

‘02

Distribution of Share Capital621.9 million shares at year’s end 2002

Other institutional investors and companies64 %

Insurance companies,mutual fund companies18 %

Wage and salary earners,pensioners9 %

Other privatepersons9 %

2001

13,572

7,508

6,549

1,998

294

29,921

2002

11,330

6,655

6,041

2,162

189

26,377

in ¤ m.

Germany

Europe (excluding Germany)2

North America3

Asia/Pacific

South America

Total net revenues

1 For management reporting purposes, net revenues comprise net interest revenues and other non-interest revenues before provision for loan losses.2 The United Kingdom accounted for over one-half of these revenues in 2002, 2001 and 2000.3 Primarily from the U.S.

2000

16,050

8,889

7,382

1,978

173

34,472

2001

486

1,102

1,588

100

–259

–159

1,429

2002

215

494

709

2,992

– 512

2,480

3,189

in ¤ m.

Domestic

Foreign

Current taxes

Domestic

Foreign

Deferred taxes

Total

2000

337

1,351

1,688

– 8,356

24

–8,332

–6,644

Income Taxes Components of income taxes (benefits):

539523

51

Rating of Deutsche Bank in 2002

Aa3

AA-

AA-

2nd place among financial

service providers

Ranking dependent on

market capitalization

Long-term rating

Moody's Investors Service, New York

Standard & Poor’s, New York

Fitch Ratings, New York

Sustainability rating

Dow Jones Sustainability Indexes (DJSI World and DJSI STOXX)

FTSE4Good (FTSE4Good Europe 50 and FTSE4Good Global 100)

Net Revenues1

Special demands are made on international companies like Deutsche Bank that gobeyond legal requirements. The Board of Managing Directors and the SupervisoryBoard of Deutsche Bank adopted the Corporate Governance Principles as early asMarch 2001. Since a Government Commission in Germany has meanwhile presenteda Codex, the Bank has updated its principles which, formulated as a voluntarycommitment, go well beyond legal requirements and the Government Codex.

Consequently, we have a clear policy framework for a responsible managementof the company focused on creating value. It deals mainly with relations withshareholders, the tasks and responsibilities of the Board of Managing Directorsand the Supervisory Board, the structure and publication of performance-basedcompensation as well as accounting requirements and transparency. The highstandard of our Corporate Governance Principles was again confirmed with anoutstanding third place by the consultancy Déminor in a survey of EURO STOXX50 companies. The comprehensive Corporate Governance Report for 2002 includingthe currently valid Corporate Governance Principles can be ordered from DeutscheBank and is available on the Internet.

Deutsche Bank is committed to the global fight against money laundering, briberyand corruption. It is involved in the development of corresponding standards,such as the Wolfsberg Principles (see glossary). The strategies, objectives andmeasures within the Bank are continually reviewed and updated to guarantee afirst-rate implementation of the standards. This is part of risk management and isan integral part of our core competence. Credit, market, liquidity, operational andbusiness risks are reviewed in a coordinated process at all relevant levels of theGroup. Here, sustainability-relevant criteria are also taken into account.

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Human Resources

in the system. Job-sharing and Deutsche Bank’s readiness to implement differentpart-time arrangements offer further possibilities to balance personal and companyinterests.

Achieving excellence through skill enhancementFaster innovation cycles and changing business processes as well as the increasingglobal integration of our business activities lead to significant adaption and learningrequirements. Our global training budget amounts to over ¤ 126 million and ourstaff took part in nearly 70,000 individual training measures last year. The Bankaims to give its employees greater scope in deciding when and where theywould like to learn. All training offerings can be accessed and booked directly viathe global Intranet portal “Learning Web”. E-learning allows users to access thelearning material at any time, from anywhere. To enhance knowledge transfer,staff are often trained in a project or workplace-related context.

Social responsibility in difficult timesAs the last two years have shown, job reductions can never be ruled out. They arerarely the necessary consequence of an unsatisfactory earnings situation. Rather,job reductions generally arise from the need to implement structural changes.We need to anticipate future market conditions and customer expectations andcreate efficient and sustainable structures.

In our efforts to find an appropriate and fair solution for each employee concerned,our priority is to facilitate internal placement. “DB Mosaic for Employment“,established in 1998, offers a wide range of various instruments for career re-orientation. With our comprehensive job coaching services and DB JobCenter, anorientation and outplacement consultancy, we are able to prepare our employeesfor their job search, both on the internal and external market. Appropriate vacancieswithin Deutsche Bank and in external companies are identified systematically togive applicants further options. In the last twelve months alone, these offers wereused by around 800 employees with much success. Roughly 150 employees ofour internal temp agency “Bankforce“ are involved in projects and substituteassignments. The objective here is to offer staff a permanent placement withinthe Bank within one or two years via nationwide assignments. This offering isrounded off by “Bankpower“ – a joint venture with an external temp agency thatoffers departing employees a bridge to a new, permanent employment relation-ship. The Mosaic for Employment also provides assistance in setting up a businessand finance retraining programs for employees seeking a fundamental careerreorientation.

Diversity of talent within Deutsche BankSince a company’s success is based on the individuality of its employees, theirbreadth of experience and personalities, the diversity of cultures and employee’shorizons is a key element of our human resources work. For us, diversity is primarilya question of corporate culture, in particular a mind-set that reflects mutual respectand openness. We want to encourage all those who work for us to live their ownindividuality and to perceive the diversity of people within the Bank as an asset andadvantage. We expect our employees to share this basic view, which is reflectedin our global Code of Conduct.

Deutsche Bank employs staff from 124 nations in 76 countries. Roughly 4,000 ofour employees work outside their home country – not as expatriates, but according

Deutsche Bank aspires to be the best financial services provider in theworld and to create lasting value for our customers, shareholders,employees and society as a whole. The skills and commitment of ouremployees are the key to success and the basis upon which this objectivecan be achieved.

High standardsEspecially in times in which the Bank must prove its skills and abilities in competetiveand sophisticated markets each day, the creativity, dedication and commitment ofits staff are essential. We want our employees to think and act like entrepreneursand to assume personal responsibility in their work environment. Deutsche Bank’sCode of Conduct commits its staff to high standards not only in professional termsbut also with regard to their integrity vis-à-vis customers, fairness in dealing withcompetitors and the interests of third parties, as well as impeccable behavior inand outside the workplace.

If, given these standards, we want to enjoy the status of an employer of choiceand attract the most capable people to dedicate their skills to serving our customerson a long-term basis, we must above all create a culture where performance isrecognized, where the individual can develop and where a healthy work-lifebalance can be achieved.

Modern compensation systemsDeutsche Bank has one of the most modern compensation systems in the industry. In addition to a market-oriented base salary, each employee receivesvariable compensation linked to the Bank’s results and the individual’s perform-ance. The portion of equity has been expanded gradually to link performance-based pay to the performance of the Bank’s share price and the long-term devel-opment of shareholder value. Attractive pension benefits are offered to all staff.Employees in Germany, for example, can also use a menu program to trade partof their cash compensation in exchange for additional benefits. In addition toattractive benefits the menu offer includes tax advantaged delivery of non-cashbenefits and employee discounts available to the Bank.

Innovative forms of work arrangementsModern forms of organizing work and possibilities to structure work hours flexiblyrecognize a growing need for work-life balance. New technologies and a growingrecognition that “work“ must not necessarily mean “work in the office“ allowDeutsche Bank employees worldwide to work from home or at workplaces outsidethe Bank, either on specific days or permanently, on an informal basis or viaamendments to their work contract. Flexible work arrangements allow our em-ployees in many locations worldwide to structure their workday individually. Eachemployee in Germany can also exchange compensation components for timeoff. The performance account model “zeitinvest“ stands for fully paid leaves ofup to one year, the possibility to work part-time with full pay for a limited periodor to go into early retirement. At present, around 2,500 staff are investing in suchpaid leaves and earn interest in the capital markets on their contributions invested

52

0

1

2

3

2.3

2.6

‘00 ‘01

2.9

‘02

Absentee Rate 2000–2002in per cent

Staff Structure by Group Division 2002

50,000

55,000

60,000

65,000

70,000

75,000

80,000

85,000

90,00089,784

‘00

86,524

77,442

‘01 ‘02

Headcount Development 2000–2002

Private Clients andAsset Management46.4 %

Corporate Investments 0.9 %

Corporate Center 0.8 %

Corporate and Invest-ment Banking 44.8 %

DB Services 7.1%

Human ResourcesDevelopment, Recognition and Diversity as a Key to Success

53

Expenses for Training and AdvancedTraining 2000–2002 in ¤ m.

0

50

100

150

6463

122

150

‘00 ‘01

53

126

‘02

Advanced trainingTraining

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Human Resources

on Wall Street“ and “WEB – Women in European Business“, which have meanwhilegained an excellent reputation, we support various internal initiatives to offerprofessional women a forum for sharing ideas and networking. Apart from regionalnetworks for women, we actively support in-house mentoring programs and crossmentoring programs between companies. In 2002, we received the esteemed“Total-E-Quality“ Award and the prestigious Max-Spohr Award from the VoelklingerKreis e.V. for our equal opportunity efforts.

Diversity also means taking responsibility for physically challenged individualsand showing a commitment to their integration in companies and within society.An agreement for the promotion and support of physically challenged personsdemonstrates the special responsibility Deutsche Bank assumes for the welfareof its employees. An internal policy on the employment of severely challengedpersons within the Bank facilitates their hiring and employability. The cooperationwith the Genossenschaft der Werkstaetten fuer Behinderte eG (GDW – Associ-ation of Sheltered Workshops for the Physically Challenged in Germany) is an initia-tive that has been applied successfully at Deutsche Bank for years and is im-proved continually. Our social responsibility to employ physically challengedpersons by partnering with the GDW has the backing and express support ofthe Board of Managing Directors. For several years, Deutsche Bank has beenactively engaged in the “Employers’ Forum on Disability“. In Germany, the Bank isone of the founding members of the “Company Forum for Severely PhysicallyChallenged Employees and Customers“, a company-led initiative, based onthe English model, that focuses on quality criteria in connection with the inte-gration of physically challenged persons.

54

to the respective local conditions of their place of employment. No one knowsbetter than these employees what it means to get accustomed to diverse businesspractices and different infrastructures across cultural and national borders.

We want to give ethnic groups who have traditionally been underrepresentedbetter opportunities within our organization. With our initiatives “Next Steps“ and“I Have a Dream“, we offer qualified students from various ethnic backgroundslearning and development opportunities in the form of internships at the Bank.These initiatives are designed to encourage the sharing of experience and networkbuilding. Moreover, this is an opportunity for the Bank to meet promising potentialfuture employees. Our business units support these initiatives and students arementored by experienced executives as “champions“.

In light of demographic change, especially in Europe, we face the special challengeof maintaining the right balance between the generations in the Bank, sustainingand fostering the motivation and performance of our experienced staff and pro-moting cooperation between the generations. Since the management of know-howacquired through experience will gain an increasingly important role in our knowl-edge society, a well-functioning knowledge management and intergenerationalcooperation will provide a key competitive edge. Our human resources work istherefore increasingly adopting a life-phase oriented perspective. Our aim is to builda corporate culture in which cooperation between the generations, life-long learningand the sharing of know-how for the mutual benefit of all play an integral part.

We want to make success of our efforts in promoting our talent measurable. Onecriterion for this – among others – is our women’s initiatives. In the last two years,for example, we managed to increase the representation of female executivesfrom 9.4 % to 14 %. Deutsche Bank supports the career advancement of womenthrough various measures: in addition to conferences such as “WOWS – Women

North America15,309

South America649

Asia/Pacific/Africa6,316

Europe (excluding Germany)21,361

Germany 33,807

55

* Full-time equivalent

Regional Deployment of our StaffTotal of 77,442* at year’s end 2002

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Human Resources56

Networks and Conferences

Global Partnership Network for Women (GPNW):

Since 1995 GPNW, has been arranging networking events for women such as internal forums, workshops and panels on

business, career and personal topics as well as presenting educational programs open to all employees.

Women on Wall Street® (WOWS™):

An annual networking forum featuring professional networking and development opportunities.

Deutsche Bank Women (DBW) Network:

An UK based forum that encourages the development of business knowledge by focusing on the exchange of ideas and

cross-divisional networking.

Women in European Business® (WEB) – Frankfurt /London:

The purpose of WEB is to promote an exchange of experiences and expertise between leading women in the European

economy and to drive career development.

Regional Women’s Networks – Germany:

Consists of several regional networks in Germany that have developed their own activities in order to contribute to positive

change and to improve the workplace for women.

Rainbow Group (Germany & Americas):

The Rainbow Group Germany and Rainbow Group Americas are organizations focused on gay, lesbian, bisexual and

transsexual employees’ professional and personal development.

Deutsche Bank’s Diversified Network (DBDN):

Launched in 2002, DBDN is open to all employees with a focus on historically under-represented ethnic groups from junior

level positions within the firm.

Mentoring and Internship Programs

Cross-Company mentoring for women (Germany):

High potential women are mentored by senior managers selected from eight different companies.

Internal mentoring for women (Germany, UK, US):

Mentoring circles and one-on-one mentoring within divisions and on a cross divisional basis for high potential women.

Next Steps Mentoring (UK):

Deutsche Bank employees are matched with ethnic minority undergraduates from British universities.

Deutsche Bank “I Have a Dream”:

Deutsche Bank “I Have a Dream” is a global internship program that targets students that have traditionally been, and

currently are, underrepresented in graduate applications and recruitment.

Sponsors for Educational Opportunity (SEO):

SEO is a non-profit organization that recruits minority candidates from US and UK colleges and universities. SEO places

their selected students in summer internships at investment banking firms throughout the US and the UK.

Head Office Internship:

Coordinated through Deutsche Bank’s head office in Frankfurt, internships are offered to students enrolled in German

undergraduate universities at over 20 Deutsche Bank branches worldwide.

Awards and Recognition

Working Mother Award:

Recognized in Working Mother magazine’s annual “100 Best Companies for Working Mothers” report and listing,

Deutsche Bank has been featured on this list for four of the last five years and has been in the top ten for two of those years.

Max-Spohr Award:

The German Association of Gay Managers (Voelklinger Kreis e.V.) awarded Deutsche Bank the “Max Spohr Management

Award” in 2002.

Total E-Quality Award:

In 2002, Deutsche Bank received the “Total E-Quality Award” presented by the Total E-Quality Deutschland e.V., recognizing

organizations or companies for their outstanding policies in human resources management and in promoting equal

opportunities for men and women.

Commitment to Physically Challenged Persons

Cooperations

Interest Group of Representatives (for severely physically challenged persons) of large companies

Federal Working Group for the Physically Challenged:

Umbrella organization of all organizations for the physically challenged persons

Working Group of Representatives (for severely physically challenged persons) of banks, savings banks, insurance

companies and local authorities in North Rhine-Westphalia

GDW (Association of Sheltered Workshops):

Association of sheltered workshops for work suited to physically challenged persons

Vocational training centers for physically challenged persons in Heidelberg and Hamm:

■ Internships

■ Collaboration within the scope of the “Mosaic for Employment”

Sheltered workshops for physically challenged persons:

■ “Initiative Contribute – Help – Gain”

■ Group-wide publication of the range of services offered by sheltered workshops and the process of order placement

by Deutsche Bank

Company Forum:

Collaboration with companies such as Lufthansa, Fraport AG or ZDF. The initiative seeks to actively and flexibly structure,

on the basis of business guidelines, product offerings, services and workplaces for physically challenged persons.

Global Diversity

57

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Corporate Cultural Affairs58

Corporate Cultural AffairsOf Identity, Culture and Responsibility

Historically, when a large corporation spoke of culture, they were referringto art or patronage. At Deutsche Bank, Corporate Cultural Affairs focuseson culture in the broadest sense: our own diverse corporate culture as wellas our interaction with the many different communities in which we liveand work. Our job is both to contribute to the Bank’s corporate culture aswell as to support its role as a corporate citizen. We are committed tomeeting the needs of all stakeholders: shareholders, clients, staff, and toworking in partnership to create positive change in the community.

Deutsche Bank’s corporate culture is key to the success of the many worldwideeconomic and social initiatives of the Bank and its Foundations. Only if we knowwho we are can we relate to other people and cultures in a spirit of opennessand recognize potential opportunities. At Deutsche Bank, we believe in and support the diversity of our workplace. Our Bank now employs 77,442 people in76 countries. We seek out talent from all over the world and then give ouremployees a global platform from which to excel. We do not consider ourselvesa “one-culture bank”. Instead, by developing and leveraging the talents inherentin our diversity, we work toward a “one-bank culture” – with everyone learningfrom each other and applying best practices for the common good.

We believe this same philosophy can be applied to our role as corporate citizen.Deutsche Bank’s presence throughout the world has expanded significantly, andthis has led to a greater commitment to the local communities where we dobusiness. The experience of globalization can be enriching. Globalization alsomeans learning from each other and applying best practices for the commongood. At Deutsche Bank, we are testing new ground in international understandingand cross-cultural diversity. We support programs whose goal is to foster mutualunderstanding, appreciation, and respect and also to support open markets andinternational exchange.

As a corporate global citizen, we have a responsibility to all our communities and,as a fundamental component of our identity, we have elected to shoulder thisresponsibility proactively and diversely. This identity has been the key to the suc-cess of our philanthropic initiatives. As we point out in the Bank’s SustainabilityGuidelines, we have made the pledge to maintain an enduring balance betweeneconomic, social and ecological developments.

Our commitment is not just financial. It is also a commitment to using our collec-tive intelligence, shared traditions, expertise and experience to meet challengesand leverage opportunities in order to benefit our neighbors. In this way, we worktogether to shape all our futures.

Corporate Cultural Affairs determines the Bank's strategic philanthropy, how itshould work with communities and how to ensure that its social commitmentalso benefits the company. Any firm’s cultural and social commitment must betransparent and open to evaluation.

The current Corporate Cultural Affairs Report is intended to do this. It provides acomprehensive overview of the worldwide cultural and social commitments ofDeutsche Bank and its Foundations. It is also intended to give employees andshareholders an accurate account of our philanthropic activities. It details typicalprojects, and provides summaries that elaborate on the entire range of activitiesin a specific field. The Report also highlights the link between Deutsche Bank asa business, on the one hand, and as a corporate citizen, on the other. The initialchapters address Deutsche Bank in the narrow sense: how it sees itself; itsmanagement structure, key values, guidelines and policies, business fundamentalsand its responsibility to its employees. In the following chapter, we paint indi-vidual portraits of the groups implementing this global social commitment and thedifferent Deutsche Bank Foundations and Initiatives.

This Report is not just an account of activities and financing, however. It is alsointended to be used as a forum for discussion, for example, on the role of privatepatrons in different cultures or on the general criteria for evaluating efforts bycorporate citizens. In other words, it does not merely document those achieve-ments of which we are proud but calls for a dialogue on how we can more effec-tively meet social challenges and do even greater justice to our responsibilities.

Manfred PohlGlobal Head of Corporate Cultural Affairs

Total Funding Volume Worldwideas a ratio of staff, in ¤ per employee by continent

0

100

200

300

400

500

600

700

800

900

1,000

NorthAmerica

SouthAmerica

Germany

Europe*

AsiaPacificAfrica

994.59

725.81

629.40

191.82

31.88

Funding Worldwide

* Excluding GermanyTotal funding approved: ¤ 41.3m.Total payroll: 77,442

Total funding: ¤ 41.3 m.

Arts and Culture10 %

Environment and Sustainability 3 %

Science, History and Social Politics19 %

Society and Social Affairs68 %

59

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Deutsche Bank Foundations and Programs

62 Deutsche Bank Americas Foundation64 Deutsche Bank Citizenship UK66 Deutsche Bank Africa Foundation 68 Deutsche Bank Foundation Alfred Herrhausen

Helping People to Help Themselves70 Cultural Foundation of Deutsche Bank72 Alfred Herrhausen Society for International Dialogue

74 Deutsche Bank Art74 Historical Institute of Deutsche Bank75 Environment and Sustainability75 Promoting and Sponsoring Sports Events

Supplementary Information

76 Cooperation Partners78 Glossary80 About this Report81 Impressum/Publications

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Deutsche Bank Foundations and Programs

A healthy environment is, of course, an integral part of a healthy life for all. That iswhy money from the Deutsche Bank Americas Foundation also flows to projectsthat, for example, clean up polluted industrial brownfields and restore themfor new business and public use, for example as parks, playgrounds and sportsfields. Finally, money is also made available where art and culture can make atangible contribution to individuals or to the welfare of the community. In thisrespect, the Foundation also promotes the use of the arts as an economic tool aswell as projects to promote artistic education of disadvantaged children and youngpeople. These activities make it clear that investments in education, culture andinfrastructure are mutually supportive and that they have a long-lasting effect onthe social and economic development of a neighborhood.

Yet, what really counts is energetic effort. This is proven year-in year-out by themany employees of Deutsche Bank who are involved in social projects and whohelp to improve living conditions in their immediate environment. Their commitmentextends from providing professional expertise to assisting with reading in theschools. In 2002, more than 1,100 employees of Deutsche Bank volunteered theirservices in the US, Canada and Latin America – surely an impressive figure.

63

Deutsche Bank Americas Foundation

Chairman:Seth Waugh

Board Members:Gary Hattem(President)

Robert CotterHanns Michael HoelzTom HughesJohn Ross

www.cib.db.com/community

When Deutsche Bank acquired US financial services provider BankersTrust back in 1999, it also maintained that bank’s commitment to philan-thropy and community development. The wide-ranging commitment ofthe Deutsche Bank Americas Foundation rested on the accumulatedexperience of foundation work since the late 1980’s. DBAF focuses prima-rily on projects for community development, arts and culture, programsfor school education, measures for intercultural understanding as well aslocal ecological projects in the United States, Canada and Latin America(Mexico, Argentina, Brazil and Chile).

Unlike the Bank’s German foundations, the projects organized by the AmericasFoundation are not financed with the profits earned on the foundation’s capitalbut rather through donations by the Bank. In 2002, approx. US $ 8.5 million in directgrants was donated by DBAF as part of its strategic programs in the above-mentioned areas. The different business lines also support a number of small andmid-sized projects and donate individual grants to other charitable organizations.In 2002, such contributions came to a total of some US $ 4.5 million, and aboutanother US $ 3.7 million was granted in the form of matching gifts. Through itsMatching Gifts program, the Deutsche Bank Americas Foundation matches charitable contributions of up to US $ 5,000 per employee that are privately donatedby a Bank staff member. In addition to these outlays, the Foundation donated anadditional US $ 2.45 million in 2002 to support victims of the September 11attacks (in 2001 the Bank, its employees, the Foundation and clients donatedabout US $11.1 million in the immediate aftermath of the attacks).

Within the framework of community development programs, the Foundationworks in partnership principally with local initiatives and nonprofit organizationsthat support the creation of affordable housing, new business start-ups, jobopportunities, vocational training, childcare and youth work programs. TheFoundation’s work in this field is supported by the Deutsche Bank CommunityDevelopment Group (CDG). In line with the Community Reinvestment Act, CRA,(a law which obliges financial institutions to support economically weak communitieswith grants, services, investments and loans) CDG has allocated about US $ 350million in loans and investments including new loans in 2002 totalling US $ 28million. The activities of the Community Development Group extend much furtherthan the minimum statutory requirements and for many years have received thetop rating of “outstanding” from Federal regulators.

Deutsche Bank Americas Foundation’s educational programs and projects forintercultural understanding are largely concerned with building bridges betweencultures, i.e., also between the “business” world and the social world of childrenand young people in underprivileged neighborhoods. The range includes pro-grams for the promotion of “financial literacy”, fostering private/public partnershipsin education, and carefully targeted measures to improve career opportunitiesfor minorities who are traditionally underrepresented in the financial industry.

62

Deutsche Bank Americas FoundationMore than 1,100 Volunteers in 2002

Deutsche Bank Americas FoundationSupport by Field 2002

Arts and Culture9 %

Environment andSustainability1%

Science, History and Education6 %

CommunityDevelopment84 %

Community Development GroupLoans and Investments 2002

Business developmentand job creation9 %

Financing for community development intermediaries12 %

Affordable housingdevelopment57 %

Home-ownership22 %

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and effective ways to address this neighborhood’s pressing social and environ-mental needs.

Additionally, the local authorities and program partners hope that the project willclose the social divide between the underprivileged district and the City of London,which lies only half a mile away. The project was particularly interesting for theBank because it gave its employees the opportunity to be actively engaged withinthis small community. Needless to say, this community involvement has strength-ened the team spirit at the Bank as well as its ties to the neighborhood. Today, aspart of this program, several hundred Bank staff members are taking part in localprojects. In October 2002, the Lord Mayor of London awarded DB CitizenshipUK the highly regarded “London Partnership Dragon Award“ for the “Bankingon Shadwell” initiative.

The “Enriching Curriculum Learning“ project also attracted a great deal of publicattention. Together with renowned partners such as the London PhilharmonicOrchestra, the National Gallery, not to mention various museums and theaters,such as the National Theatre, DB Citizenship UK has been supporting Londonschools in devising and implementing curricular lessons on topics from the artsand music, to science, English, history and literature (see p. 18). The programcentrally involves the 32 partner schools in London whom DB Citizenship UK iscommitted to offering long-term assistance – but it has since spread to a far largergroup of schools and is now being acknowleged by the Department of Educationand Skills. Since 2000 over 20,000 students have taken part in the program.

Both flagship projects are ideal examples of the three core principles behind DBCitizenship UK’s work: bundling the financial, professional and personal resourcesof both the Bank and its staff, nurturing intelligent cooperation with local andregional partners and, last but not least, having the courage to experiment.

Deutsche Bank Citizenship UK

Charities Committee:Anthony BucklandMartyn DrainChris GallopGillian LancasterLisa LarkinsNick LawsonDavid PenfoldEileen TaylorPeter Twidale

Management:Kate Cavelle

www.deutsche-bank.de/cca/en/db_citizenship_uk.html

Deutsche Bank Citizenship UK is a part of the Bank’s UK business. Yet inpractical terms it functions like a foundation that is committed to charitablegoals and supports or initiates nonprofit projects. Deutsche Bank Citi-zenship UK has its roots in the charity program run by Morgan Grenfell,Ltd. (taken over in 1989 by Deutsche Bank). Since that time, it has movedthe original Grenfell agenda forward relying on a budget that, while varyingfrom year to year, is approximately ¤ 3.5 million. In 2002, a total of ¤ 3.84million was invested in social, cultural and educational projects.

In all its wide-ranging activities as a corporate citizen, Deutsche Bank prioritizesstable forms of collaboration with local partners. For this reason, DB CitizenshipUK focuses less on helping to alleviate acute financial bottlenecks and more ondeveloping key projects that are innovative and will have a long-term beneficialimpact, thus potentially serving as models for others in society to follow. Togetherwith its local partners, DB Citizenship UK first and foremost supports projects inunder-privileged communities and districts – in particular initiatives designed to helprealize new educational concepts in secondary schools. These programs encourageyoung people to play a proactive role in society and assist them in setting up theirown businesses – as well as programs geared to improving local vocational training.

The management of DB Citizenship UK does not restrict itself to sifting throughthe enquiries and requests received, and selecting possible projects from amongthem. It actively seeks out partners who meet the criteria for receiving support.In this context, DB Citizenship UK concentrates on providing organizational supportfor the projects, reviewing and ensuring their long-term efficacy. The UK DeutscheBank Charities Committee made up of representatives of all the Bank’s businessunits in Britain gives final approval on who shall be granted funding on the basisof the prior evaluations. Once a project is up and running, the partners regularlyreport on the progress made toward achieving the objectives jointly defined at the outset. As a member of the London Benchmarking Group in which 60 corporations work together to enhance the management and success of their localprograms, DB Citizenship UK is also dedicated to the ongoing improvement of itsown management practices.

Another important goal is to encourage Bank staff to act as volunteers in charitiesduring their work and leisure time. After all, precisely such voluntary workstrengthens the ties between the Bank and the particular local community,demonstrates the Bank’s commitment to society and provides valuable opportu-nities for effective and memorable staff training and development.

In this regard, the “Banking on Shadwell” program has achieved noteworthy resultssince its launch at the end of 2001. Together with Cityside Regeneration and theEast London Business Alliance, DB Citizenship UK is supporting Shadwell, a districtin London’s East End that suffers from a series of social problems: it has rapidyouth population growth; living conditions are poor; the educational standards arelow, and unemployment and child poverty are well above the average. The pri-mary aim is to help Shadwell’s local community organizations find sustainable

64

Deutsche Bank Citizenship UK2002: London Partnership Dragon Award for “Banking on Shadwell”

Expenditure by Field 2002Total: £ 2,854,000

Enriching Curriculum LearningProjects supported in 2002 by topicTotal: £ 480,429

Music 18 %

Gifts in kind 2 %

Administration costs 4 %

Staff time volunteered 7 %

Employee programs 13 %

Projects and initiatives 74 %

Theater 31%

Design 10 %

Education 11%

Sciences 14 %

Art 16 %

Deutsche Bank Foundations and Programs 65

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Deutsche Bank Foundations and Programs 67

Deutsche Bank Africa Foundation

Board of Trustees:Colin BrownHanns Michael HoelzMaryanne Landsdown

Management: Tsholo Diale

www.deutsche-bank.de/cca/en/db_africa_foun-dation.html

The Deutsche Bank Africa Foundation based in Johannesburg is the latestpillar of the Bank’s worldwide activities as a corporate citizen. Establishedin 2001, the Foundation, furnished with capital of US $15 million, startedrunning projects in 2002 to help stabilize the fledgling South Africansociety, so ravaged by the after-effects of apartheid.

Although Deutsche Bank does relatively little business in Africa, it is very commit-ted to the region and its longterm development.

The Foundation works on the premise that sustainable progress and peace can onlybe achieved through parallel development of the underlying social, economic andecological conditions in South Africa (see p. 34). The four pillars of the Foundation’swork – providing education and vocational training, creating jobs, combating crimeand poverty – are intrinsically interrelated (see the chart opposite). As in mostdeveloping regions, it is therefore imperative to strike the right balance betweenurban and rural development. Under the banner of “Touching Lives – ShapingFutures”, the Deutsche Bank Africa Foundation is running programs that over thenext three years will make a visible contribution to rebuilding South Africa’s econ-omy and renewing its social fabric.

Since it is extremely difficult for the 350,000-plus university graduates in SouthAfrica to find jobs, the Foundation supports programs designed to teach voca-tional skills or help young people set up their own businesses. Creating jobs byfounding new start-ups is an effective means of advancing social and economicdevelopment. Thus, along with CIDA, the Lim’uvune Entrepreneurial AssistanceProgramme (see p. 9) formed a key element of the Foundation’s work. One of itstargets is to provide assistance to 5,000 young people starting their own businessby 2006. The progress and success of the various business models are monitoredclosely. In the course of a 3-stage process, support is provided for the top ten-percent. Entrepreneurs who are former CIDA participants remain linked to boththe Bank (through the Master Network) and to new candidates, whom theyadvise and assist at the practical level.

Regardless of the country’s progress with economic and social problems, the futureof South Africa is highly dependent on how it manages to handle the devastatingconsequences of the AIDS epidemic. Today, ten percent of the population suffersfrom this illness. This in itself means the local healthcare system is contendingwith truly complex and difficult challenges.

The challenges are significant, as not only must medical assistance be providedfor the infirm, but also care is needed for the approximately 3 million healthyorphans of AIDS expected by the year 2008. Not only is this an issue of materialresources, but it is an issue of human and organizational capital on an unpre-cedented scale. Creating a network and infrastructure to assist orphans of AIDSvictims nationwide, to find a place in society for them, to help them bond firmlywith others – this is the mission of NOAH (Nurturing Orphans of AIDS for Humanity project). Among many others, it is supported by Deutsche Bank Africa

66

Deutsche Bank Africa Foundation2002: Program for 5,000 New Corporations

Grants by Topic 2002Total volume in Rand: 3,558,380

Job Creation 20 %

Crime Prevention 6 %

Miscellaneous1%

PovertyRelief 48 %

Education andTraining 25 %

Foundation. After all, one thing is clear: Any other attempts to get the countrymoving forwards are doomed to failure if the health-related as well as the socialproblems of AIDS are not solved.

CSI (Corporate Social Investments): Small projects and donationsLEAP (Lim’uvune Entrepreneurial Assistance Programme): Program for people setting up their own businessLim’uvune: Black Empowerment Training/Banking Trainee programNOAH (Nurturing Orphans of Aids for Humanity): Help for AIDS orphans

Poverty Relief & Welfare Job Creation

Lower impact projects Infrastucture & Education

Deutsche Bank Africa Foundation: Strategic Focus

Soc

ial E

nhan

cem

ent

Crime Prevention

HighMicro Lending

CSI

NOAH

Lim’uvune

LEAP

Economic Growth Enhancement HighLow

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Deutsche Bank Foundations and Programs 69

Deutsche Bank Foundation Alfred Herrhausen Helping People to Help Themselves

Board of Trustees:Tessen von Heydebreck (Chairman)

Hanns Michael Hoelz Marc-Aurel von Dewitz Alfredo Flores Pachón Friedhelm Herb

Management:Christian J. Stronk (Chairman)

Joerg Eduard Krumsiek Peter A. Spitze

www.deutsche-bank-stiftung.com

Back in 1987, Deutsche Bank founded its first foundation, which todayis a strong example of the Bank’s wide-ranging social commitment. In1989, it was renamed in memory of Alfred Herrhausen, the murderedSpokesman of Deutsche Bank’s Board and the man who in its early daysprofoundly influenced the Foundation’s direction with its idea of “helpingpeople help themselves”.

The Foundation has total capital of ¤ 56.1 million and in the past has been able todraw down some ¤ 3.5 million from the gains on its assets (capital stock andreserves). In 2002, however, Deutsche Bank Foundation booked annual incomeof ¤ 4.4 million and was also able to raise a total of ¤ 5.2 million in donations forthe “Flood of the Century” in Eastern Germany. Of the ¤ 5.2 million, ¤ 3.1 millionwas allocated in 2002 to persons and institutions hard-hit by the flood with theremainder earmarked for distribution in 2003.

The original idea behind the Foundation was to provide unbureaucratic assistanceenabling individuals in distress or the socially disadvantaged to help themselves.The point here is to catch people who would, due to their special personal situation,fall through the German welfare state’s social net. The Foundation’s agenda includessupporting innovative institutions and developing its own projects, and it tries to setnew trends in motion, such as promoting young people’s vocational developmentand encouraging them to take the initiative.

Since 1987, Deutsche Bank Foundation Alfred Herrhausen has “helped peoplehelp themselves” in 2,339 different cases, and has committed a total of ¤ 57 millionto this purpose. With the Wall coming down in 1989, the focus was on providingassistance for Eastern Germany, in particular setting up social care and supportcenters. As part of the “More training positions – now!” program, from 1997 to2002 over 1,800 traineeships and apprenticeships were created. Since 1998, as partof the “Youth – School – Industry” program, about 10,000 students have beenbrought into direct contact with the industrial and business world (see p.10) andhave reported on their experiences and insights in newspapers. In 2002, for thefirst time, young Poles, Czechs and Hungarians were among the 1,865 studentsfrom 99 different schools who participated in the project.

The two other projects launched by the Foundation also focused on young peopleand the employment opportunities available to them. As part of the “I’m My OwnBoss” initiative for young people setting up their own business, inaugurated by theFoundation in cooperation with start-up centers and the German Federal EmploymentOffice, 150 young people have received financial start-up capital and advice onmaking the transition from unemployment to entrepreneurial independence.

In 2002, in cooperation with the “German Association for Public and PrivateWelfare”, the new “School is cool: Making Learning Fun” project got off the groundin five different German cities. The goal was to develop and test effective strategiesto persuade the growing number of young people who refuse to go to schoolregularly to return to the classroom. This project established a regional “Youth

68

Deutsche Bank FoundationMore Than ¤ 3 Million Was Provided in Immediate Assistance for the Victims of the “Flood of the Century” in Germany in 2002

Projects Supported in 2002 by Field,in ¤Total: ¤ 4,099,260*

* Excl. assistance provided relating to the flood disaster

Cumulative Support Granted 1987–2002 In ¤ m.

05

1015202530354045505560

‘87

+0.5

‘88

+1.5

‘89

+2.6

‘90

+3.8

‘91

+4.0

‘92

+2.0

‘93

+3.8

‘94

+3.4

‘95

+2.7

‘96

+2.9

‘97 ‘98

+3.5+5.4

‘99

+5.3

‘00

+4.6

‘01

+3.6

‘02

+7.2

More training positions – now!4 % 176,135

Young business founders8 % 325,000

Other areas supported9 % 368,400

School is cool 40 % 1,650,000

Youth– School– Industry21 % 850,000

Supported projects for young people18 % 729,725

Education” network leveraging the close ties between the schools, youth centersand the business community.

With the principle of “helping people help themselves”, the idea of local networkingplays a fundamental role in the Foundation’s work. New projects are selected interms of their ability to collaborate with other community organizations to ensurethat everyone involved benefits to the greatest possible extent. This also appliesto the Foundation’s own activities, as it shares best practices and networks withother corporations, companies, foundations and associations.

Given recent trends, new demands and projects have been at the forefront of theFoundation’s activities. Nevertheless, fostering the personal initiative of the sociallydisadvantaged remains an important area of focus. An example of this is the“Flood of the Century” in Eastern Germany. Encouraged by a donation fromDeutsche Bank AG totaling ¤ 3.5 million (and another ¤ 1.5 million to the CulturalFoundation of Deutsche Bank), Deutsche Bank Foundation Alfred Herrhausenapproached Bank staff and clients – and succeeded in raising an additional ¤ 1.6 million for the victims of this disastrous flood. Together with the CulturalFoundation, it has coordinated charitable distribution of these financial resources –first with immediate assistance. More recently, the focus has been on gettingschools, kindergartens, clinics and social care agencies working again. In 2002and 2003, Deutsche Bank and its foundations, staff and clients have contributed ¤ 6.6 million in “helping people help themselves” to be able to clean up the damagedone by the floodwaters.

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Deutsche Bank Foundations and Programs

personalities such as conductor Kurt Masur, Rupert Neudeck, the founder of theCap Anamur organization, French historian of Germany Alfred Grosser, or sociologistLord Ralf Dahrendorf. The “Literalogue” series offers young relatively unknownauthors an opportunity to present their works to the public, where renowned actorsread the text. And in the interdisciplinary lectures held as part of the “Island Perspectives” series, the discussions focus on the world-famous Berlin “museumisland” complex, which is currently undergoing an extensive restoration andredesign.

The Foundation is dedicated not only to supporting new talent but also to revivingcultural life at the regional level, an effort supported by the local Deutsche Bankbranch offices. In 2002, funding was provided for the Brandenburg Summer Concertseries, the Detmold Summer Theater program and Passau’s European Festival,which plays to the united Austrian, Czech and German public in the region.

In the future, the Foundation intends to pay special attention to providing grantsat the international level. In the past, numerous individual projects were supportedoutside Germany, both in other European countries (such as Russia and Poland)as well as in Asia (China, India, Korea and Singapore). In connection with theexpansion of the EU eastwards, the focus is on systematically expanding thiscommitment and developing projects in line with the key idea of “learning fromcultures”, which is designed to kindle interaction at the cultural and artistic levels.

71

Cultural Foundation of Deutsche Bank

Advisory Board:Tessen von Heydebreck(Chairman)

Clemens BoersigHanns Michael Hoelz

Board: Manfred Pohl(Chairman)

Walter Homolka(through June 30, 2003)

Michael Muench

www.kultur-stiftung.org/englisch

The Cultural Foundation of Deutsche Bank was established as a legal entityunder civil law on the 125th anniversary of the Bank in 1995. It has capitalof ¤ 51 million and finances its cultural projects from the income generatedeach year, about ¤ 2.3 million annually. Since its inception, more than600 projects have been sponsored with total outlays reaching ¤ 25.2 million.

Deutsche Bank set up the Cultural Foundation in order to emphasize its commit-ment to culture and to maintain its independence. The statute states that the“Foundation’s task is to promote national and international endeavors in thefields of culture and the arts, particularly music, literature, theater, the visual arts,architecture, design and the preservation of historical monuments.” Recently, theFoundation has increasingly sought to sponsor projects that would otherwisenot see the light of day. Typically, the Foundation does not act as a passive donorbut also provides active support in the realization of these projects.

Sponsorship tends to focus both on music (as the most universal form of art andthe one that can most easily cross borders) and on supporting young artists. Forexample, together with Oper Frankfurt, the Foundation has devised a scholarshipprogram for young opera composers. Also, the International Conductors Competitiondedicated to the memory of Sir Georg Solti serves to place the potential leadingconductors of tomorrow in the limelight. Highly talented young musicians, whoare training at the Berlin Philharmonic Orchestra’s Academy for the internationalconcert arena, are supported by the Foundation. The Bank has also assisted students from around the world, who in the framework of a UNESCO project canperfect their musical skills at the Schloss Belvedere Music College in Weimar,while at the same time preparing to graduate from high school.

In order to provide ongoing support for young opera administrators, conductors,musical and stage directors, in 2001 the “Academy Opera Today” program wasestablished as a nonprofit limited liability corporation. Each year, a 19-memberboard of trustees made up of renowned opera specialists awards 15 two-yearscholarships to talented music students. In 2002, the Academy received applicationsfrom as many as 88 candidates from 21 different countries.

The Cultural Foundation, however, aims to sponsor not only traditional art forms,but also consistently promotes avant-garde works and concepts. For example, theFoundation secured financial assistance for the “plateaux” festival at the Frankfurt-based International Arts Center Mousonturm, an annual event at which youngtheatrical talents throughout Europe can present their own productions.

The start of the new millennium marked a change in the Foundation’s work.Instead of primarily providing grants, the Foundation has gradually taken on amore active operational role. The Cultural Foundation organizes three discussionplatforms held in German. The series entitled “Expanding Horizons” encouragesdebate between people from different backgrounds, who have influenced eventsinternationally or were in situations that brought them up against their limits. In2002, guests who narrated their own personal experiences were outstanding

70

Cultural Foundation of Deutsche BankOver ¤ 2.3 Million Awarded as Grants in 2002e

Projects Supported in 2002 in ¤, by TopicTotal: 76 projects, ¤ 2,306,320

Total Grants 1995–2002 in ¤ ThousandsTotal: 596 projects, ¤ 25,173,000

‘95 ‘96 ‘97 ‘98 ‘99 ‘00 ‘01 ‘02

500

0

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2,481

4,397

3,294

4,167

2,967

2,561

2,999

2,306

Music (46 projects)

54 % 1,227,650

Art (12 projects)

23 % 533,670

Other (9 projects)

14 % 327,000

Theater (5 projects)

6 % 145,000

Literature (4 projects)

3 % 73,000

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Deutsche Bank Foundations and Programs

Board of Trustees: Josef Ackermann (Chairman)

Rolf-E. Breuer (Chairman through May 2002)

Jean-Christophe AmmannSybille Ebert-SchiffererWolfgang Fruehwald Tessen von HeydebreckWolfgang Ischinger Juergen Jeske Josef JoffeHans Werner KilzJoachim-Felix LeonhardIngo MetzmacherEckard Minx Julia NeubergerWolfgang Nowak(Spokesman of the ExecutiveBoard since April 2003)

Christoph Schwoebel

(Status as of Dec. 31, 2002)

73

Alfred HerrhausenSociety for Internatio-nal Dialogue

Executive Board: Wolfgang Nowak (Spokesman since April 2003)

Walter Homolka (through March 2003)

Hanns Michael HoelzNorbert Walter

Managing Director:Maike Tippmann

www.alfred-herrhausen-gesellschaft.org

The mission of the Alfred Herrhausen Society for International Dialogue,founded in 1992, is to stimulate new ideas and open up new perspectives,and thereby do justice to the memory of Alfred Herrhausen, after whomit is named. He was Spokesman of the Board from 1985 until 1989, whenhe was assassinated in a terrorist attack. Deutsche Bank’s socio-political think-tank, the not-for-profit Herrhausen Society, seeks to bringtogether outstanding international politicians and academics as well as keybusiness and community leaders. Its aim is to initiate high-level debateon critical issues facing the Bank and the communities in which it doesbusiness. The Herrhausen Society’s activities are financed through anannual Deutsche Bank donation, approximately ¤ 1.5 million in 2002.

The work of the Alfred Herrhausen Society is based on learning from cultures.This translates into its international orientation, its fostering of a direct exchangeof opinions as the best means to reach understanding, and the encouraging ofongoing and multi-sided discussion of complex issues. At its conferences andspecial events, experts debate across different nations, cultures, disciplines andgenerations. The proceedings, as well as additional in-depth essays, are thenpublished in both German and English and made available to the internationalcommunity. In pursuit of its goals, the Herrhausen Society cooperates with avariety of partners, including political and cultural foundations, public institutions,the media, universities and aspiring young politicians and academics.

Each year, the Herrhausen Society selects a topic of social relevance for ongoingdebate. The topic provides the focus of its annual two-day international colloquium,the highlight of its activities. The Society’s Board of Trustees, composed of 15outstanding individuals from the worlds of culture, media, politics, business andacademia, is chaired by Josef Ackermann, Chairman of the Deutsche Bank Ex-ecutive Board. The Board of Trustees recommends a topic for the following year.In 2002, the Herrhausen Society held a total of 16 events worldwide and publishedfive books, each of which shed light on a particular aspect of the topic of “tolerance”.

72

Alfred Herrhausen Society for International Dialogue2002: The Year of Tolerance

Basics of Living Together

”Code Napoléon” – facsimile edition of the German-French original from 1808

”The Code Napoléon: Basic Text of a Modern and Tolerant Constitutional State” –

function in Berlin with Herta Daeubler-Gmelin and Claude Martin

”Of a Liberal Constitutional State and Civic Liberties” – discussion in Berlin with Robert Badinter,

Dieter Grimm, Barbara Doelemeyer, Jean-Louis Halpérin, Wolfgang Schomburg, and Heribert Prantl

”Building an Open Mind! Education to Tolerance” – talk in Berlin with Hans Kueng

”A Moral Reckoning: The Role of the Catholic Church in the Holocaust and its Unfulfilled Duty of

Repair”- talk and discussion with Daniel Jonah Goldhagen, Erika Weinzierl, and Hansjakob Stehle

”Religious Roots of Tolerance” – three day scientific conference in Vienna

”The Religious Roots of Tolerance” – publication with contributions on central issues of tolerance

in the World religions

Tolerance after September 11th

”The Endangered Peace. Challenge to our Open Society” – discussion in Hamburg with Alfred

Grosser, Karl Dedecius, Barbara Spinelli, Tahar Ben Jelloun, and Josef Joffe

”The End of Tolerance? Identity and Pluralism in Contemporary Society” –

volume accompanying the topic 2002

”The End of Tolerance?” – Discussion in London with Bassam Tibi, Ian Buruma, and Nigel Barley

”The Triumph of ´Just War Theory` - and the Perils of Victory” –

talk in Berlin with Michael Walzer and Wolf Lepenies

”Tolerance and Solidarity Versus Terror: the Religions’ Challenges” – discussion in Vienna with Paul

Chaim Eisenberg, Gertraud Knoll, Christoph Schwoebel, Anas Schakfeh, and Erich Zenger

”The Clash of Fundamentalisms” – discussion in Berlin with Tariq Ali, Benjamin R. Barber,

Daniel Cohn-Bendit, Fyodor Burlatzky, and Cem Oezdemir

Europe and the World in Dialogue

”Globalization and its Discontents” – talk in Frankfurt/Main with Joseph Stiglitz

”Full Boats Now – Empty Cupboards Later?” – discussion in Berlin with Daniel Libeskind,

Wolfgang Schaeuble, Roger van Boxtel, Peter Scholl-Latour, and Gianni Vattimo

”The Intervention Conundrum” – talk and discussion in Berlin with Ian Buruma, Peter Eigen,

Ilija Trojanow, Richard Goldstone, and Barry Steinhardt

”Forming Society – The Dynamics of Identity and Pluralism” –

discussion in Berlin with Imre Kertész, Dan Diner, Assia Djebar, and Harriet Mandel

”Global Economy – Cultural Diversity. The Challenge of Diversity in Business” –

discussion in Berlin with Tessen von Heydebreck, Rama Bijapurkar, Vural Oeger,

Museji Ahmed Taolia, Peter Goldmark, and Kenichi Ohmae

”Art in the Newspaper” – 12 artists from the Museum in Progress design pages

in German newspapers, relating to the annual topic

Topic 2002: “With an Open Mind: Tolerance and Diversity”Selection from the Alfred Herrhausen Society’s Program 2002

Annual Topics addressed by the Alfred Herrhausen Society

2003

2002

2001

2000

1999

1998

1997

1996

Desperately Seeking Europe

With an Open Mind: Tolerance and Diversity

The Way Ahead. Education and the Cutting Edge

Generations in Conflict

Capitalism in the 21st Century

Pax Americana?

Russia – What is to be done?

Quo vadis Europe?

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Environment and SustainabilityFor more than 15 years, Deutsche Bank has been championing the concept ofsustainable development. In fact, one of the very first sustainability-oriented initiatives was the Bank’s 1988 debt-for-nature swaps. Given the debt crisis in theThird World at the time, the Bank agreed to waive claims against debtor countriessubject to their fulfilling criteria with regard to ecological and developmentalpolicy. In the years that followed, the Bank has focused on integrating ecologicalissues into risk assessment when evaluating creditworthiness and providing advicefor corporate clients on environmental topics, such as the restoration of formerlypolluted real estate. Deutsche Bank’s Environmental Policy Principles formed the publication that gave greater depth to the original “Statement by FinancialInstitutions on the Environment and Sustainable Development” issued by the UNEPin 1992, and marked the beginning of the implementation of the Bank’s environ-mental management system. As a global corporation, Deutsche Bank complies withISO 14001: its operations in Germany received certification as early as May 1999.

Promoting and Sponsoring Sports EventsThrough selected programs, Deutsche Bank Germany provides support for topsports competitors enabling them to coordinate their sports and professionalcareers. In addition, the Bank encourages staff to participate in amateur and leisuretime sports activities. The focus is on assisting talented young sportspeople bothinside and outside the Bank. “On the Path to Olympic Glory” and “One of our Own”are the two internal programs run by the Bank (see p. 42). Moreover, DeutscheBank provides approximately 100 company sports facilities in Germany cateringto about 35 different sports. As many as 16,000 employees and members oftheir families enjoy sports at these centers. In fact, 4,000 employees in Frankfurtam Main are dedicated to keeping fit at the Bank’s own multi-sports complex inEschborn, just outside Frankfurt. Deutsche Bank rounds out its commitment topromoting sports and forwarding the cause of the National Anti-Doping Agency, in cooperation with other non-profit organizations and government institutions.In this way, the Bank seeks to contribute to the diversity of sporting life andstrengthens the ties between the Bank and its clients. Indeed, Deutsche Bankmakes possible the two most renowned European events in golf and horseriding, the Deutsche Bank-SAP Open golf tournament and the CHIO Aachenequestrian competition, respectively.

Deutsche Bank Art

Management:Ariane Grigoteit Friedhelm Huette

www.db-art.info

Historical Institute of Deutsche Bank

Management:Manfred PohlAngelika Raab-Reben-tisch

www.deutsche-bank.com/ historywww.bankgeschichte.de

Deutsche Bank Environment and Sustainability

Management:Hanns Michael Hoelz Barbara Menrad

www.deutsche-bank.com/sustainability

Deutsche Bank Sport

Management:Hanns Michael Hoelz Ottmar Kayser

www.deutsche-bank.de/cca/en/sport.html

There are many different aspects to Deutsche Bank’s commitment as aglobal corporate citizen. In addition to its various independent foundations,nonprofit organizations and business units that Deutsche Bank has helpedestablish, the Bank is also directly involved in promoting the arts, sports,the environment and history. Since 2002, all Deutsche Bank’s corporatesocial responsibility and corporate citizenship activities have been com-bined under the Corporate Cultural Affairs department to facilitate coordination.

Art at Deutsche BankAt the end of the 1970s, Deutsche Bank became one of the first corporations tobring together contemporary art and the workplace. The success of the “Art atWork” program is legendary, and today Deutsche Bank has one of the largestcorporate art collections in the world. It includes approximately 50,000 works ofart, which are on display throughout the Bank’s buildings worldwide. Since itsinception, the “Art at Work” program has sought to proactively engage a widepublic audience with this unique collection, fostered by on-site guided tours byart historians, catalogs, art calendars, and the loan of artworks for exhibitions. Artfrom the Bank’s collection has been widely shown in notable museum exhibitionsglobally, creating a great deal of international interest (see p. 22). The Bank’sonline art magazine db-art.info provides information and articles on these projects,exhibitions, and activities worldwide. Since 1997, a joint venture between DeutscheBank and the Solomon R. Guggenheim Foundation has produced the DeutscheGuggenheim, a museum branch on the ground floor of Deutsche Bank’s officesin Berlin. To date, 23 shows have been organized at this venue (four per year)attracting over 600,000 visitors and making the Deutsche Guggenheim one of thefastest growing and most successful new art institutions in Germany.

Historical Institute of Deutsche BankDeutsche Bank’s corporate culture specifically includes a clear focus on its ownhistory. Since 1961, the Bank has maintained its own Historical Archive, whichtoday houses some 5,000 meters of files – the oldest documents date back tothe days of Deutsche Bank’s predecessors in the mid-19th century. All archivalmaterials from the pre-1945 era are open to scholars. In 1996, the HistoricalInstitute was founded, devoting itself to critical studies in the Bank’s history andpromoting both in-house and external research and publications. One year later,an international commission was created to conduct scholarly investigationsinto the role played by Deutsche Bank during the Third Reich (see p. 26). Othertopics researched include the relationship between the Bank and politics, the roleof history in the framework of a global corporate culture, Deutsche Bank in East Asia,and, most recently, the Bank’s history in North America. Established in 1991, theHistorical Association of Deutsche Bank has a goal of acquainting the generalpublic with the history of German and international banking and strengtheningthe sense of mutual identity among staff by emphasizing the importance of thecompany’s history.

74

Deutsche Bank

Deutsche Bank Foundations and Programs 75

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Supplementary Information

KIZ Netzwerk Offenbach, KIZ Zentrale fuer Existenzgruendung AG, Offenbach

Kuenstlerhaus Mousonturm, Frankfurt/Main

Leipziger Volkszeitung, Leipzig

Living Cities: The National Community Development Initiative, New York

Local Initiatives Support Corporation, New York

London Benchmarking Group, London

Lower Manhattan Cultural Council, New York

Mannheimer Kunstverein, Mannheim

Maerkische Oderzeitung, Frankfurt (Oder)

Museum de Arte Moderno, Monterrey (Mexico)

Museum Moderner Kunst Stiftung Woerlen, Passau

Museum of Modern Art, Singapore

Museum voor Moderne Kunst, Arnheim (Netherlands)

MuseumsQuartier, Vienna

National Gallery, Cape Town

Nationale Anti Doping Agentur (NADA), Bonn

Neighborhood Housing Services, New York

Népszabadság, Budapest

Neues Museum Weserburg, Bremen

New York City Partnership, New York

New York Foundation for the Arts, New York

Orchesterakademie der Berliner Philharmonikere.V., Berlin

Ostsee-Zeitung, Rostock

Ostthueringer Zeitung, Gera

Peace Parks Foundation, Stellenbosch (South Africa)

Portikus, Frankfurt/Main

Právo, Prague

Princeton University, Princeton (NJ, USA)

Robin Hood Foundation, New York

SAP Deutschland AG, Walldorf

Schleswig-Holsteinischer Zeitungsverlag, Flensburg

Society for European Business History, Frankfurt/Main

Solomon R. Guggenheim Foundation, New York

Staatliche Museen zu Berlin, Stiftung PreussischerKulturbesitz, Berlin

Stifterverband fuer die Deutsche Wissenschaft,Essen

Stiftung Berliner Philharmoniker, Berlin

Stiftung Deutsche Sporthilfe, Frankfurt/Main

Stuttgarter Zeitung, Stuttgart

The State Hermitage Museum, St. Petersburg

Thueringer Allgemeine, Erfurt

Thueringische Landeszeitung, Weimar

United Nations Environment Programme UNEP,Nairobi

United Nations Global Compact, New York

University of California, Berkeley (CA, USA)

Villa Romana, Florence

Volksstimme, Magdeburg

Women's World Banking, New York

World Bank, Washington, D.C.

World Business Council for Sustainable Development, Conches-Geneva (Switzerland)

77

Cooperation Partners We would like to thank all our partners for the strong spirit of trust and cooperation.

76

Aachener Reitturnier GmbH, Aachen

ACCION International, Washington D.C.

Arts & Business and Arts & Kids, London

Auckland Art Gallery, Auckland (New Zealand)

Bellagio Forum for Sustainable Development,Osnabrueck

Bruce Museum, Greenwich (CT, USA)

Bundesanstalt fuer Arbeit, Nuremberg

Bundesdeutscher Arbeitskreis fuer umwelt-bewusstes Management B.A.U.M. e.V., Hamburg

Business in the Community, London

businessdynamics, London

Charity Bank, London

Cityside Regeneration, London

Common Purpose, London

Community Service Volunteers, London

Consultative Group to Assist the Poorest, Washington D.C.

Corporate Responsibility Group, London

Corporation of London/Heart of the City, London

Der Tagesspiegel, Berlin

Deutscher Verein fuer oeffentliche und private Fuersorge e.V., Frankfurt/Main

Die Rheinpfalz, Ludwigshafen

Dresdner Exis Europa e.V., Dresden

Dresdner Neueste Nachrichten, Dresden

East London Business Alliance, London

econsense – Forum Nachhaltige Entwicklung, Berlin

Enima.garage, Projektmanagement GmbH, Hamburg

Ensemble Modern, Frankfurt/Main

Enterprise Brandenburg, IQ e.V. Projekt Enterprise,Berlin

Enterprise Foundation, Columbia (MD, USA)

European Association for Banking History, Frankfurt/Main

European Foundation Center (efc), Brussels

Excet Stuttgart e.V., EXCET – Existenzgruender-zentrum Stuttgart

Fondazione Mazzotta, Milan

Gazeta Olsztynska, Olsztyn (Poland)

Gesellschaft fuer Unternehmensgeschichte, Frankfurt/Main

Global Reporting Initiative (GRI), Amsterdam

Goethe-Institut Inter Nationes, Bonn

Goethe-Institut, St. Petersburg

Goettinger Kunstverein, Goettingen

Grameen Bank, Dhaka (Bangladesh)

Habitat for Humanity, Americus (GA, USA)

HEC School of Management, Paris

Hessische Niedersaechsische Zeitung, Kassel

Institute for Corporate Cultural Affairs,Frankfurt/Main

IZOP-Institut, Aachen

J.W. Goethe-Universitaet, Frankfurt/Main

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Supplementary Information 79

GlossaryKey Terms Used in the Corporate Cultural Affairs Report 2002

78

Balanced scorecard:BSC is an instrument based onthe fundamental idea of strategicand holistic management of acompany. In the BSC, the com-pany’s vision is sub-divided intoa system of goals for the fourcore areas: finance, clients, pro-cesses and human resources.

Corporate finance:General term for capital market-related, innovative financing services to satisfy special con-sulting requirements in businesswith corporate customers.

Corporate governance:Designates the principles forresponsible management aswell as company structure and direction.

Debt-for-nature swaps:A waiver of receivables owed bydebtor countries granted in ex-change for the countries imple-menting specific ecological ordevelopment-policy measures.These swaps were devised bycreditor banks and environmentalprotection organizations in thecontext of the Third World debtcrisis.

Diversity:The variety of different cultures,religions, nationalities, age groupsas well as ethnic and socialgroups within a single company.

DJSI:Dow Jones Sustainability Indicesare an index family tracking themember companies’ ecologicaland social achievements. Deut-sche Bank has been listed in the

DJSI World and the DJSI STOXXever since they were first launched.www.sustainability-index.com

DWS:DWS Investment GmbH is aDeutsche Bank subsidiary andthe largest provider of retailinvestment funds in Europe. Itoffers the following sustainabil-ity-oriented funds: DWS NewEnergies Basket 25+; DWSInvest Sustainability Leaders;DWS Panda Rendite Fonds, DWS Bildungsfonds, GKF Fonds.www.dws.com

econsense – Forum for sustainable development:Econsense is an initiative foundedby leading national and interna-tional companies (includingDeutsche Bank AG) and Germanbusiness organizations who haveintegrated sustainable develop-ment into their company strategy.www.econsense.de

EPI:The EPI Finance 2000 Report wascompiled by 11 banks and in-surance companies who used it toput forward environmental per-formance indicators. The goal ofthe indicators: to improve thequality of communications on eco-performance and enable a com-parison of the environmentalperformance of companies in thefinancial industry. www.epifinance.com

FTSE4Good:The FTSE4Good is an index familymade up exclusively of com-panies who have exhibited apronounced social responsibility.

FTSE4Good consists of four tradable indices and the samenumber of benchmark indices.Deutsche Bank has been listedon the FTSE4Good Global 100Index since their inception.www.ftse4good.com

GRI:The Global Reporting Initiative isa multi-stakeholder initiativeworking to devise, promote anddisseminate a generally validconcept for voluntary disclosureof companies’ economic, ecolo-gical and social achievements.Involved in the project are notonly corporations but also organ-izations from the fields of humanrights, labor, accounting, andenvironmental protection.www.globalreporting.org

Investment banking:Generic term for capital market-oriented business. This includesprimarily the issuing and tradingof securities and their derivatives,interest and currency manage-ment, corporate finance, M&Aadvisory, structured finance andprivate equity.

ISO 14001:An international standard foreco-management systems.According to ISO 14001, thefunctioning of company pro-cesses are audited by an externalcertifier with a view to the eco-management system.www.iso.ch

Market risk:Arises from the uncertainty concerning changes in marketprices and rates (including

interest rates, share prices,foreign exchange rates andcommodity prices), the correla-tions among them and theirlevels of volatility.

NGOs:The term non-governmental or-ganization arose in the context ofthe Rio Global Summit in 1992and provides a binding label forall organizations that are notinvolved in government but re-present specific interests togovernment. They include envi-ronmental associations, tradeunions, church organizations,human rights groups and otherorganizations.

Operational risk:Potential for incurring losses inrelation to employees, projectmanagement, contractual speci-fications and their documentation,technology, infrastructure failureand disasters, external influencesand customer relationships. Thisdefinition includes legal andregulatory risk.

Segment information:Disclosure of a company’sassets and income, brokendown by activity (division) andgeographical area (region).

Shareholder value:Management concept that focuses strategic and opera-tional decision-making on the steady growth of a company’svalue. The guiding principle is that only returns above thecost of capital add value forshareholders.

Stakeholder:Designates all groups who havean interest in a company’s eco-nomic, ecological and socialactions and behavior.

SPI/Social PerformanceIndex:The SPI-Finance 2001-2 is aninternational project launched byten finance corporations andinsurance companies setting outindicators for the social com-mitment and behavior of financialservice providers. The resultshave fed into the GRI indicators.See also EPI.www.spifinance.com

Sustainability:Denotes the interaction of theeconomy, ecology and socialresponsibility with the objectiveof advancing the basis for sus-tained human life and preparingfor a viable future.

UNEP:United Nations EnvironmentProgramme is what its namesuggests. As long ago as 1992Deutsche Bank helped developUNEP’s ”Statement by Banks onthe Environment and SustainableDevelopment”, which todayforms the recognized eco-codeof best practices for the financialindustry. www.unep.org andwww.unepfi.net

Volatility:Fluctuation band for prices orexchange rates, interest rates, oreven entire markets.

WBCSD:The World Business Council forSustainable Development is ajoint venture by 150 global players,including Deutsche Bank, whohave committed themselves tosustainable development.www.wbcsd.ch

Wolfsberg Principles:Constitute a global guideline forcombating money laundering tobe used by internationally active

private banks. They wereannounced in October 2000 by11 of the world’s leading banksand by Transparency International.www.wolfsberg-principles.com

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About this ReportDeutsche Bank publishes first “Corporate Cultural Affairs” Report

80

The Deutsche Bank “Corporate Cultural Affairs” Report 2002 is thefirst of what is intended to be a regular publication. The goal of thisreport is to provide the reader with a thorough, transparent overviewof how Deutsche Bank fulfills its global responsibility to shareholders,clients, staff and the community, portraying the wide range of ourprojects, foundations, initiatives, and programs. We hope to providea better understanding of the connectivity and driving forces behindour policies and of our idea of corporate citizenship as economic,ecological and social responsibility at the same time.

As a basis for our reporting, we have chosen to follow the “GlobalReporting Initiative” (GRI) guidelines, including the “Social Perform-ance Indicators” (SPI) – a set of universal standards and indicators forbusinesses to report on corporate activities that are beyond the purelyeconomic, allowing for international standardization and comparison.As a new reporting tool, the GRI was designed to be flexible andadaptable, and we have attempted to fulfill these guidelines to the bestof our ability. Nevertheless, there are several guidelines that havebeen omitted due to legal, policy, relevance and/or availability reasons.

As our first global publication, the material presented can be viewedas the result of an intense learning process. In this way, we encourageand appreciate any criticism and suggestions. It is our intention to makeongoing improvements with each subsequent publication – in thedepth, detail and scope of the material. Consistency will remain a keygoal, to allow readers to follow the developments of our activities.

While some contents of the Annual Report are repeated in this “Cor-porate Cultural Affairs” Report, they are summarized or used differentlyin view of the report’s special purpose and the GRI guidelines. In thecolumn to the left you will find a table listing the page number wherethe corresponding GRI guideline is addressed.

1.1; 1.2 pg 1

Vision and Strategy

2.1; 2.10

2.2; 2.3; 2.4

2.5; 2.6; 2.7

2.8

2.9

2.11

2.17

Cover

pg 49

pg 48

pg 48 – 53

pg 48 – 50

pg 1

pg 80

Profile

LA1

LA2; LA9

LA4

LA7

LA10; LA12

LA16; LA17

HR4

pg 52 – 53

pg 53

pg 53 – 54

pg 52

pg 54 – 57

pg 54 – 57

pg 54 – 57

Social

3.6; 3.7

3.9; 3.14; 3.20

3.15

pg 54 – 55

pg 54

pg 76 – 77

Management Systems

EC1; EC2

EC7; EC8

EC10

pg 49

pg 49

pg 58

Economic

EN1; EN3; EN4

EN5; EN8

pg 56 – 57

pg 56 – 57

Environmental

Impressum/Publications

Deutsche Bank Aktiengesell-schaftTaunusanlage 12D-60262 Frankfurt am MainTelephone: +49 69 910-00deutsche.bank@db.com

Should you haveany questions or ideas,please contact:Deutsche Bank AGCorporate Cultural AffairsCultural ManagementRossmarkt 18D-60311 Frankfurt am Maintanja.christ@db.comwww.deutsche-bank.de/cca/en

Concept and Artwork: Scholz & Friends Berlin

Editorial remark:All the information in the presentreport has been compiled ingood faith and with the greatestcare and circumspection. To thisend we have relied on a verymany sources. To the best of ourknowledge, the information,figures and data contained in thereport corresponds to the truth.Nevertheless, we can assume noliability for the correctness orcompleteness of the informationprovided therein.

In certain cases where conceptsrefer to groups of people wehave chosen to use the masculineform; we have done so not forgender-specific reasons but solelyin order to enhance generallegibility.

We would like to thank allour colleagues and everyoneoutside the bank involved inmaking this report possible fortheir friendly support.

Photo credits:p. 11/above: Deutsche BankAlfred Herrhausen FoundationHelping People to Help Themsel-ves; photo: B. C. Möllerp. 11/below: dpap. 16: Peter Adamik, Berlin p. 17: Berliner Philharmonikerphoto: Akinbode Akinbiyip. 18: National Gallery andDesign Museum, Londonp. 19: Henning Bock, Hamburgp. 20/above: Deutsche Guggenheim, Berlinp. 20/below left:Deutsche Guggenheim, Berlin;photo: Mathias Schormannp. 20/below right:Succession Picasso/VG Bild-Kunst, Bonn 2003p. 21/above left:Cultural Foundation ofDeutsche Bank;photo: Peter Poserp. 21/above right:St. Peter, Colognep. 21/below left:Philipp Stengelep. 21/below right:Komische Oper, Berlinp. 28: Anne Hoffmann, Rei-chelsheim, Hessenp. 34: Peace Parks Foundationp. 35/above: KNA imagep. 35/below:Peace Parks Foundationp. 44/above: Imagine Fotoagentur, Hamburgp. 44/below: NADA, Bonnp. 45/above:Fairway Marketing, Alveslohep. 45/below: Arnd Bronkhorst

We shall be happy to sendyou the following publicationsrelating to the financial sta-tements:

Results 2002 – Annual Reportof Deutsche Bank Group(U.S. GAAP)(German, English and French;

Spanish – as Short Summary)

Form 20-F (English)

Annual Financial Statementsand Management Report ofDeutsche Bank AG for 2002(German, English, French)

List of mandates 2002(German/English)

List of shareholdings 2002(German/English)

List of Advisory Councilmembers 2002(German)

Corporate Governance –Report 2002 and principles(German, English)

Corporate Cultural Affairs –Report 2002(German, English)

How to order:- by e-mail to results@db.com- on the Internet at www.deut-

sche-bank.com/02- by fax to +49 69 95 00 95 29- by phone to +49 69 95 00 95 30- by post from:Deutsche Bank AGLeser-Service-PKSD-60262 Frankfurt am MainGermany

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